The Pension Transitional Arrangement Directorate (PTAD) yesterday accomplished the liquidation of the 56-month pension liabilities of NICON Insurance Plc. and Delta Steel Company exworkers, withafinalpayment of N7.05 billion PTAD additionally mentioned it’s working in the direction of offsetting the 63-month inherited pension legal responsibility owed to the ex-employees of NITEL/MTEL and their next-of-kin. ExecutiveSecretaryChioma Ejikeme, who confirmed the event at a press briefingsaid, putthenumbe of beneficiaries at 4,691.
The ex-NICON insurance employees that benefitted are 1,043, withthoseof DeltaSteel 3,048. Ejikemesaid as of the time the company took over their pension liabilities in 2017, the company neither obtained any pension funds nor belongings to meet the large unfunded liabilities inherited. She mentioned they labored assiduously to confirm, validate, compute and enrol most of the ex-employees for a month-to-month pension. Accordingtoher, the one-off paymentwasmadeas applicable to these whose severance advantages have been so structured.
Ejikeme mentioned: “Since 2017, PTAD has been liquidating the unfunded pension liabilities of these businesses. Recall that as of December 2021, PTAD utterly liquidated the inherited pension liabilities for the New Nigerian newspaper, Nigeria Re- Insurance Corporation, and made one-off funds to SavannahSugar, Aluminium Smelter Company beneficiaries and their subsequent of kin in addition to the Nigerian Aviation Handling Company’s beneficiaries and their subsequent of kin, and settled some months of arrears for others. “Today is one other landmark within the administration of defunct Agency Pensioners.
PTAD is delighted to announce with immense pleasurethecompleteliquidation of the excellent 56-month inherited pension liabilities for NICON Insurance (100 months) and the steadiness of 49 months owed ex-employees of Delta Steel Company (96 months) totalling N7, 053,150,468.14. She put the inherited unfunded liabilities of defunct businesses at inception at N95 billion. Ejikeme mentioned: “Currently these defunct agencies have a total monthly pension bill of N2. 2 billion and an annual bill of N62. 07 billion, representing 44% of the total monthly/annual pension bill of the Parastatals Pension Department.”
She mentioned that they had settled a complete of N39 billion of the inherited N95 billion with N3. 4 billion of this quantity making up one-off funds.” Aside from full liquidation of the inherited liabilities, the PTAD chief mentioned that they had paid over N8.5 billion as accrued arrears of pensions and gratuities to pensioners of the Civil Service Pension Department and the nextof- kin of deceased pensioners by the Expanded Computation Project. She additionally mentioned they acquired approval to on board ex-employees of Assurance Bank and Nigeria National Shipping Line on month-to-month payroll in addition to finishing payment of 126 months’ inherited liabilities due to ex-employees of the Nigeria Reinsurance Corporation, and payment of the 219-month inherited liabilities to ex-employees of the New Nigeria. Ejikemeaddedthatthe603 verified ex-employees of the Aluminium Smelter Company of Nigeria(ALSCON) and620 ex-employees of the Nigerian Aviation Handling Company (NAHCO) and ex-PHCN employees additionally benefitted.
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