The Pension Transitional Arrangement Directorate (PTAD) is a Treasury Funded Extra-Ministerial Department under the Federal Ministry of Finance.
PTAD is responsible for the management of pensions under the old pension Scheme (Defined Benefit Scheme) for pensioners who did not transit to the new Contributory Pension Scheme (CPS), which is in effect in Nigeria.
Who are the pensioners under PTAD management?
They are Federal Public Sector employees eligible to retirement benefits, and who retired on or before June 30, 2007, and have worked in any of the pension groups listed are under PTAD management in accordance with section 43 (3) of the PRA, 2014.
The groups are the Civil Service Pension Department (CSPD); Police Pension Department (PPD); Custom, Immigration and Prisons Pension Department (CIPPD); and Treasury-Funded Parastatals Pension Department (PaPD)
Why is verification necessary?
It is necessary for PTAD to carry out Verification Exercise to ascertain the proof of life and create a credible database of all pensioners under the DBS.
PTAD did not inherit a credible pensioners’ database. Consequently, there is the need to verify pensioners under the DBS to enable PTAD respond to and resolve pensioners’ complaints promptly, and accurately.
The verification of pensioners is therefore aimed at the establishment of an accurate, credible, and digitised database of pensioners under the DBS for the purpose of achieving prompt complaint resolutions; eliminating duplicate payments and ghost pensioners; and regularising anomalies such as over payments and under payments.
Others are:
- Obtaining relevant service records to ensure accurate computation of pension payments and
- Updating the records of the Next-of-Kin (NOK) for payment of death benefits.
Source: thenationonlineng.net
For more info visit www.ptad.gov.ng
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