In compliance with the directive of the Federal Government, through the Pension Transitional Arrangement Directorate (PTAD), LASACO Assurance Plc has transferred the total sum of N1.063billion of Pension Legacy Funds in its custody to PTAD.
The Company paid the sum to PTAD as final settlement of the funds meant for pensions of six Federal Government parastatals under the Defined Benefit Scheme (DBS), that were managed by the underwriting company.
Christiana Adebote, divisional manager, Pension Transitional Arrangement Directorate (PTAD) who made this known in Abuja after receiving the transferred fund commended LASACO for its compliance.
She said the transfer by the underwriting firm is an execution of a Memorandum of Understanding (MoU) between the Directorate and the company.
Adebote said the Directorate, last year, issued demand notices on the insurance companies holding legacy funds meant for payment of Pensioners under the Defined Benefit Scheme (DBS) to transfer outstanding funds into ‘’our dedicated e- Collection account with the Central Bank of Nigeria (CBN)’’
She explained that the Pensions Reform Act (PRA) 2014 vested all pension assets, funds and liabilities in PTAD and warned that it has become imperative for other concerned companies still holding onto the legacy funds to transfer them to PTAD without further delay, noting that the intention of the Federal Government’s request for the release of these funds is to grow them for the prompt payment of pension to Pensioners.
Ademoye Shobo, general manager (Marketing), LASACO Assurance Plc, while collecting the Letter of Set O9 from PTAD, having fully paid the amount due, said the legacy funds managed on behalf of 6 Federal Government parastatals as required by section 42 of the Pension Reform Act (2014) was fully remitted in July 2017.
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