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The Pension Transitional Arrangement Directorate (PTAD) has commenced the distribution of ₦3.9 billion in outstanding pension payments to 91,146 beneficiaries enrolled under the Defined Benefit Scheme. This significant payout addresses long-standing arrears owed to federal retirees following comprehensive verification and reconciliation processes.
Addressing Historical Payroll Discrepancies
These arrears stem from discrepancies uncovered during recent audits of payroll records inherited from former pension agencies. PTAD emphasizes that this payment is a crucial step in its ongoing initiative to rectify pension records, thereby enhancing transparency and rebuilding trust among elderly pensioners who rely heavily on their monthly pension disbursements for daily living expenses.
Calls for Sustainable Pension Funding and Improved Service Delivery
Pension rights organizations have applauded PTAD’s efforts but stress the necessity for the government to guarantee steady financial support to prevent future accumulation of unpaid pensions. Additionally, these groups urge the establishment of more efficient grievance redress mechanisms, highlighting persistent challenges retirees face, such as documentation errors, inconsistencies in beneficiary names, and delays in bank processing.
Enhancing Pension System Efficiency for Retirees
With over 7 million pensioners nationwide, according to recent data from the National Bureau of Statistics, ensuring timely and accurate pension payments remains a critical priority. Streamlining administrative procedures and leveraging digital verification tools could further reduce delays and improve retirees’ access to their rightful benefits.
