The management of pensions under the Defined Benefit Scheme (DBS) by the Pension Transitional Arrangement Directorate (PTAD) has been applauded by the National Pension Commission (PenCom).
The Director General of PenCom, Ms Omolola Oloworanran, during a meeting with the Executive Secretary of PTAD, Ms Tolulope Odunaiya, on Monday, acknowledged the crucial role played by PTAD in the pension management in Nigeria affirmed that the meeting was an opportunity to deepen collaboration between the two organizations in the pension industry.
At the meeting held at the commission’s headquarters in Abuja, both parties agreed to work together for the development of the pension sector.
In her remarks, Ms Odunaiya acknowledged the support and guidance provided by PenCom to PTAD over the years as the pension industry regulator in Nigeria.
She further congratulated the agency on the progress they are making towards settling accrued liabilities under the Contributory Pension Scheme (CPS) and informed the DG of the outstanding liabilities of the DBS currently in excess of N88 billion and which PTAD had submitted to the federal government.
Ms Odunaiya, stated that she hoped the directorate can continue to count on PenCom’s support as PTAD embarks on the next decade of transformative pension administration.