By Nana Musa

The Pension Transitional Arrangement Directorate (PTAD) has paid more than N1,644, billion to 776 verified and eligible Next of Kin (NoK) of deceased pensioners under the Defined Benefit Scheme (DBS).

PTAD Head, Corporate Communications, Mr Olugbenga Ajayi, said the beneficiaries are from the civil service, police, parastatals, customs, immigration, and prisons pension departments.

He said that 629 NoK under the parastatals pension department received N1,481 billion, while 103 NoK from the civil service pension department were paid N101,14 million.

According to him, 43 NoK of police pensioners received N58,95 million, one NoK under the customs, immigration, and prisons pension department got N2,431 million.

Ajayi quoted PTAD’s Executive Secretary, Tolulope Odunaiya as saying “the payment underscores the directorate’s commitment to settling the entitlements of deceased pensioners subject to availability of fund.’’

She said that PTAD was working diligently to clear the backlog of pension liabilities, adding that the disbursement was a significant step in that direction.

Odunaiya said that paying death benefits to NoK was a crucial part of PTAD’s mandate, as it provides financial relief to families that had lost their loved ones.

Odunaiya said that the payment was expected to bring comfort to the beneficiaries, and PTAD was proud to have played a role in positively impacting their lives.

The executive secretary reiterated PTAD’s dedication to pensioners and their families, and assured them that the directorate remains committed to delivering efficient and timely payment of their pension.

She said that PTAD would continue to ensure that all pensioners and NoK received their rightful entitlements in line with President Bola Tinubu’s Renewed Hope Agenda. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

By Taiye Olayemi

Mr Babatunde Raimi, a retirement coach, has commended the National Pension Commission (PenCom) on its directive to Pension Fund Administrators (PFAs) and custodians to pay pension benefits within three working days.

Raimi, speaking with the News Agency of Nigeria (NAN), described the directive as a “welcome development” that would bring relief to many pensioners.

The coach, Founding Partner, Babatunde Raimi Consulting, who works with retirees and soon-to-be retirees to plan and navigate their post-work lives, said this would further boost accountability and transparency in the system.

“It is a new dawn for Nigerian workers. This directive is a significant step forward in ensuring that pensioners receive their benefits in a timely and efficient manner.

“It’s a major win for retirees who have worked hard and contributed to the pension system throughout their careers.

“Prior to this circular, it took an average of 14 working days for PFAs to review, process and forward all benefit payment applications to the commission for approval.

“To get a ‘No-Objection’ approval from PenCom before they instructed their pension fund custodian to credit retirees’ accounts.

“Ms Omolola Oloworaran, Director-General of PenCom, is undoubtedly a transformational and result-oriented leader, doing a lot to alleviate the hardships of Nigerian workers,” he said.

Raimi said that he saw a new dawn for Nigerian retirees and that all they needed was a little patience.

He advised eligible retirees to acquire a comprehensive understanding of the pension access process, including the necessary documents and requirements, to facilitate seamless retrieval of their benefits.

“I advise retirees to take their time to study. I also suggest that they request the differences between programmed withdrawal and annuity from their pension fund administrators, as well as the retiree pack compiled by PenCom.

“They should study it and seek counsel,” the coach said.

A retiree, Mr Wale Ojetimi, who relayed his challenging experience before receiving his pension, said the development is quite heartwarming if PenCom would take steps to truly monitor the prompt payment.

Ojetimi, Chief Executive Officer of Amatropics Newslive, said PenCom should remain diligent as a pension regulator to ensure that the funds are truly disbursed after their remittance to PFAs.

“I am of the opinion that it is not in the interest of PFAs to pay retirees their pension promptly, due to my experience.

“I suffered a lot of back and forth before being paid due to mistakes made by my PFA.

“I was only able to receive my pension six weeks after PenCom had disbursed to my PFA. This is bad.

PenCom should be able to monitor payment to all retirees. It is the duty of PenCom to monitor,” he said.

Also, Mr Peter Dada, a retired public officer from the News Agency of Nigeria (NAN), commended PenCom’s move, which would enhance the financial planning of retirees.

Dada noted that the three-day payment directive would help reduce the stress and anxiety that many pensioners experience while waiting for their benefits.

He urged PenCom to continue its efforts to improve the pension system and ensure that retirees receive the benefits they deserve.

“This is important for retirees who rely on their pension benefits as their primary source of income.

“We look forward to seeing more initiatives that support retirees and the pension system as a whole,” he said. (NAN) (nannews.ng)

Edited by Modupe Seriboh/Olawunmi Ashafa

By Taiye Olayemi

The Pension Fund Operators Association of Nigeria (PenOp) has assured the National Pension Commission (PenCom) that its members will comply with the recent directive to settle all pension benefits within three working days.

The News Agency of Nigeria (NAN) reports that the National Pension Commission has mandated Pension Fund Administrators (PFAs) and Fund Custodians to approve and pay pension benefits to eligible applicants within three working days of receiving complete applications.

Mr Oguche Agudah, Chief Executive Officer, PenOp, speaking with the News Agency of Nigeria (NAN) in Lagos, said that the directive was positive and capable of fostering accountability.

Agudah said that PenOp members were fully aligned with PenCom’s efforts to enhance the efficiency and effectiveness of the pension system in Nigeria.

He said, “This is a good development for pensioners, Pension Fund Administrators (PFAs), and the entire system.

“PFAs are going to comply with this new directive, which is set to begin in June. We will ensure service levels are maintained, and we will also ensure people get their money as and when due.

“We recognise the importance of timely payment of pension benefits to retirees, and we are committed to working with PenCom to achieve this goal.” (NAN) (nannews.ng)

Edited by Olawunmi Ashafa

By Mujidat Oyewole

The Federal Road Safety Corps (FRSC) Kwara Command has commenced a free vehicle safety check for drivers in the state.

The FRSC Sector Commander in Kwara, Muftau Irekeola, told newsmen in Ilorin, that the exercise would last from March 17 to 20.

Irekeola noted that the command has deployed some of its personnel to execute the exercise on the roads and motor parks.

“We also engaged field operators, staff of relevant state ministries and departments for the exercise.

“We would enlighten the drivers on appropriate ways of maintaining their vehicles, to ensure safety on the roads,” he said.

He advised the members of the public to be aware of the exercise and cooperate fully with the FRSC team.

“The exercise is completely free and devoid of any punitive measure,” he said.

Irekeola appreciated road users who comply with traffic regulations and urged those who do not to have a rethink.

“We enjoin motorists to pay attention to areas of defects identified by the FRSC team and make necessary adjustments,” he said. (NAN) (www.nannews.ng)

Edited by Benson Iziama