The
Pension Transition Arrangement Directorate had said that it would
ensure transparency in the management of pension in Nigeria through
efficient and effective service delivery.
The Director-General of the PTAD, Mrs. Nellie Mayshak, who made this known in Benin, explained that the pension agency established in 2013 was structurally positioned to facilitate the flow of funds directly to the accounts of pensioners, thus giving it (PTAD) no direct contact with physical cash.
Mayshak noted that as an agency attuned with the global technology standard, it would strive to avoid the challenges faced by pension bodies in the past.
“The problems of the past were significant and you will recall that there was a time that there were calls for various solutions to the problem and I think the President took his time to put in place this new PTAD and the appointments that they have made is to ensure that the past are not repeated.
“We will also like to think that we are different because the philosophy that we have adopted in the agency is of true public service; the philosophy of delivery of results and of accountability.
“We have a transparent system for managing pensions, where the funds are not released to us.
“We are not interested in the money; we are interested in the welfare of pensioners and they are telling you that they are already noticing a big difference.
“I will like to think that if this system will be sustained because if we put a good foundation for the new agency, whoever comes after will continue on and with the commitment of all partners, we think that PTAD will be successful in bringing about a change for pensioners under the Defined Benefit Scheme.
The DG said that although not all pensioners were under the agency, PTAD had not relationship with pension fund administrators.
She explained that while the PFAs manage the new contributory pension scheme which began in 2004 the PTAD managed effectively and efficiently the pension and pensioners of the old scheme.
Culled from Punch
The Director-General of the PTAD, Mrs. Nellie Mayshak, who made this known in Benin, explained that the pension agency established in 2013 was structurally positioned to facilitate the flow of funds directly to the accounts of pensioners, thus giving it (PTAD) no direct contact with physical cash.
Mayshak noted that as an agency attuned with the global technology standard, it would strive to avoid the challenges faced by pension bodies in the past.
“The problems of the past were significant and you will recall that there was a time that there were calls for various solutions to the problem and I think the President took his time to put in place this new PTAD and the appointments that they have made is to ensure that the past are not repeated.
“We will also like to think that we are different because the philosophy that we have adopted in the agency is of true public service; the philosophy of delivery of results and of accountability.
“We have a transparent system for managing pensions, where the funds are not released to us.
“We are not interested in the money; we are interested in the welfare of pensioners and they are telling you that they are already noticing a big difference.
“I will like to think that if this system will be sustained because if we put a good foundation for the new agency, whoever comes after will continue on and with the commitment of all partners, we think that PTAD will be successful in bringing about a change for pensioners under the Defined Benefit Scheme.
The DG said that although not all pensioners were under the agency, PTAD had not relationship with pension fund administrators.
She explained that while the PFAs manage the new contributory pension scheme which began in 2004 the PTAD managed effectively and efficiently the pension and pensioners of the old scheme.
Culled from Punch
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