The Pension Transitional Arrangement Directorate (PTAD) has disclosed plans to commence the implementation of the back-end Computation of pensioners of the Power and Transport Sectors in August, 2023.
This was disclosed by the Head, Corporate Communications, PTAD, Mr. Gbenga Ajayi in a statement on Friday.
PTAD, according to the statement, said, the development flows from 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 said, the implementation of the new monthly pension derived therefrom would commence in the August 2023 payroll as against July earlier proposed.
It said, 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 representatives 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”, PTAD said.
It 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.