Nigeria. Insurance Companies Yet to Remit over N19bn Pension Fund
The Pension Transitional Arrangement Directorate (PTAD) has said that the federal government is yet to recover all the legacy pension assets, funds and liabilities including over N19 billion in the custody of insurance companies.
The Executive Secretary of PTAD, Ms. Sharon Ikeazor, disclosed this at a media briefing in Abuja on “reshaping the landscape of pensions administration for the defined benefits scheme.”
Ikeazor said that the legacy fund was inherited from the defunct Pensions Offices and Boards of Parastatals when PTAD came into effect in 2013.
She however disclosed that as a mandate, the agency is working to ensure that all the assets and liabilities, especially the legacy funds are recovered and transferred to the dedicated account with the Central Bank of Nigeria (CBN).
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