The Pension Transitional Arrangement Directorate has paid N3.817bn in accrued pension arrears to 30,356 pensioners under the Defined Benefit Scheme.
The payment followed the completion of a Back-End Computation Review Exercise conducted by the Directorate to resolve complaints relating to pension calculations and outstanding entitlements.
The beneficiaries were drawn from three departments of PTAD: the Parastatals Pension Department, the Defunct and Transferred Agencies Pension Department, and the Tertiary, Education and Health Pension Department.
PTAD’s Head of Corporate Communications, Olugbenga Ajayi, disclosed the development in a statement issued on Friday.
According to the statement, the N3.817bn payment represented arrears identified through the computation review exercise and owed to affected Defined Benefit Scheme pensioners.
“The Pension Transitional Arrangement Directorate has disbursed a total of N3.817bn in accrued pension arrears to 30,356 Defined Benefit Scheme Pensioners across the Parastatals Pension Department, Defunct and Transferred Agencies Pension Department, and Tertiary, Education and Health Pension Department,” the statement said.
The Directorate explained that the review exercise was designed to identify discrepancies in pension calculations and determine outstanding benefits owed to eligible retirees.
The initiative forms part of PTAD’s efforts to resolve verified pension liabilities and improve the administration of the Defined Benefit Scheme.
The DBS covers pension arrangements for eligible public sector retirees whose pension rights fall under the pre-2004 pension system. It differs from the Contributory Pension Scheme, under which employees accumulate retirement savings through individual pension accounts.
Speaking on the disbursement, PTAD Executive Secretary, Tolulope Odunaiya, thanked the affected pensioners for their cooperation throughout the review process.
Odunaiya reaffirmed the Directorate’s commitment to processing and paying verified pension obligations in a timely and transparent manner.
She said the latest disbursement demonstrated the Federal Government’s commitment to addressing pension-related challenges and improving the welfare of retirees under the Defined Benefit Scheme.
“This payment reflects the commitment of the Administration of His Excellency, President Bola Tinubu, to addressing pension-related issues and strengthening pension administration under the Defined Benefit Scheme,” she said.
