In an official announcement, the Pension Transitional Arrangement Directorate (PTAD) has revealed its decisive steps to initiate the implementation of the back-end computation project for pensioners of Transport and Power Agencies. According to a statement from the Directorate, the backend project was set in motion to meticulously validate the comprehensive records of pensioners, which were captured during the nationwide field verification exercise conducted in 2019.
The primary objectives of this project are twofold. Firstly, it aims to recompute the monthly pensions of the retirees based on their individual career records, relevant salary structures, and the applicable increments pertaining to pensions. This endeavor seeks to ensure that the pensioners receive accurate and appropriate pension amounts reflective of their service and contributions.
Moreover, the backend project is also intended to address and rectify issues that have surfaced regarding overpayment and complaints of underpayment in the pension system. By addressing these discrepancies, PTAD aims to bring about fair and equitable disbursements to pensioners, alleviating any financial distress they might have experienced due to irregular pension payments.
Through the implementation of the backend computation project, PTAD demonstrates its commitment to improving the pension system and providing pensioners with a more transparent, accountable, and reliable process for receiving their well-deserved pensions. This undertaking is seen as a crucial step in honoring the dedication and service of retirees and ensuring their financial security in their post-work life.
Read the full statement below:
PTAD to officially commence the implementation of the back-end computation project of Parastatals Pensioners of the Power and Transport Sector Agencies in August, 2023.
Further to the successful hosting of the Focus Group Stakeholders Meeting held on June 22nd, 2023 with Pensioners’ representatives and other critical stakeholders of the Power and Transport Sector to share the outcome of the Back End Computation for Pensioners in the sector the Directorate has announced that the implementation of the new monthly pension derived therefrom will commence in the August 2023 payroll as against July earlier proposed.
The change in the implementation date has become necessary in order to resolve all the logistics challenges that have impacted the production and dispatch of the letters to all the affected Pensioners.
Kindly recall that in June 2023, PTAD held a focus stakeholder meeting with Pension Union Executives and Pension Desk Officers of the Power and Transport Sector. Also in attendance were reps from the National Pension Commission (PenCom), National Human Rights Commission (NHRC) and SERVICOM.
At the said meeting, the Director of, the Parastatals Pension Department (PaPD), Mr. Kabiru Yusuf explained that PTAD had initiated a back – end computation project to validate the detailed records of pensioners captured during the 2019 nationwide field verification exercise and re-compute the monthly pension of the pensioners based on their career records, relevant salary structures and applicable pension increments.
He further clarified that it was the computed monthly pension derived from this project that would be implemented in the pension payroll, to replace the inherited monthly pension that was received at the time PTAD took over pension payments; thereby addressing instances of overpayment and complaints of underpayment.
