FCTA approves N2.25bn for 445 retirees

The Federal Capital Territory Administration (FCTA) has approved the release of N2,253,214,569.36 as pension/gratuity and payment of Group…

The Federal Capital Territory Administration (FCTA) has approved the release of N2,253,214,569.36 as pension/gratuity and payment of Group Life Insurance claim for 445 retirees, including families of deceased ones.

The Director, FCTA Pension Department, Mr Rotimi Babatunde Ajayi, who disclosed this during a stakeholders’ meeting with the pension desk officers of Secretariats, Departments and Agencies (SDAs) in Abuja, said that the sum included the 2019 arrears of benefits of the affected staff.

He explained that the approval was for accrued benefits to 197 people who retired from SDAs of the FCT Administration and 248 next of kin.

Ajayi noted that the FCTA would ensure that accrued benefits were paid to staff who were in service before the Pension Reform Act of 2004 that birthed the Contributory Pension Scheme (CPS).

• Kwara: EFCC arrests 13 Chinese over illegal mining
• NDLEA seizes 6.3m kg of drugs, arrests 32,000 suspects in 2 years

He revealed that the approval was sequel to the payment into the beneficiaries’ Retirement Savings Accounts (RSAs) to access the retirement benefits from their Pension Fund Administrators (PFAs); adding that the payment also covered for the 2019 arrears on the basis of salary increment.

He explained that out of the total sum, N964,123,713.47 was for Next of Kin (NOK) of the 248 deceased officers; N587,456,832.78 for payment of accrued right benefits to 197 retirees; while N701,634,023.11 was released as pension arrears occasioned by salary increment in 2019.

Ajayi noted that the authorities are committed to timely pension payments to improve the living standards of retirees.

He assured that the FCTA would continue to prioritise the payment of pension to upscale the wellbeing of beneficiaries.