Pension Transitional Arrangement Directorate, PTAD, has revealed that insurance companies which were assigned the job of underwriters to pension fund have refused to release over N7billion pension funds which is in their custody.
The Directorate said several efforts had been made in the past to compel the insurance firms to release the pension funds for disbursement but to no success, rather, they decided to embark on a campaign to discredit the effort of PTAD in sanitizing the pension payment system in Nigeria.
Director General of PTAD, Mrs. Nellie Mayshak, made the revelation when she led management team of PTAD on a courtesy visit to the Director General of Bureau of Public Enterprise, BPE, Mr. Benjamin Dikki, in Abuja last week.
Mrs. Mayshak said that she decided to strengthen synergy with BPE, as key to the success of their mandate, believing that BPE has the competence and experience needed in managing severance benefits of workers affected in privatization exercise of the government.
In his remark, the BPE boss, expressed satisfaction with their achievements so far, especially in sanitizing and restoring confidence in pension payment system, thus expressing its readiness to mobilize all stakeholders and other well-meaning individuals and corporate bodies to work with the Directorate to achieve a seamless execution of its mandate for the benefit of pensioners in the country.
Dikki assured that BPE would assist the Directorate by providing database of pensions paid to ex-workers of privatized companies in the country as well as assist them with human resources where necessary.
The DG frowned at the past mismanagement of pension funds by managers in the private and public sectors, which resulted in series of protest by people who had served their fatherland, “and that prompted the reforms of the Pension Sector that gave rise to the Pension Act being promulgated”.