The Pension Transitional Arrangement Directorate (PTAD), through its Divisional Manager, Christianah Adebote, has commended Lasaco Assurance Plc for settling the Legacy Funds in its custody.

Adebote gave the thumbs up in Abuja, when the company transferred the sum of N1.063billion meant for pensions of six Federal Government parastatals under the Defined Benefit Scheme (DBS).

She gave the company a Letter of Clearance on behalf of the Directorate, and urged other companies that were yet to settle their obligations based on the directive to take a cue from those that have complied.

Adebote said the Directorate, last year, issue demand notices on the insurance companies holding legacy funds meant for payment of Pensioners under the 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.

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