Uncategorized PTAD plans automated computation of pension benefits

By Bukola Adetoye

To strengthen the management of pensions under the Defined Benefits Scheme (DBS), the Pension Transmission Arrangement Directorate (PTAD) says it will integrate automated computation of pension benefits in the coming months.

PTAD’s spokesperson Mrs Harriet Agbeniyi said in Lagos on Sunday that the automation would involve deploying technology to execute computation without human assistance.

The directorate said the automation would eliminate the lag between the conduct of verification exercise and computation process.

However, PTAD said it had completed the automation of pension payment through the Government Integrated Financial Management Information System (GIFMIS)

“The payment process enables pensioners to receive their payments directly into their bank accounts from the Treasury Single Account (TSA) without any interface with the directorate.

“PTAD does not operate or service any commercial bank accounts,” Agbeniyi said in a statement.

She said it had initiated the digitisation of pensioners’ data and records in order to maintain a comprehensive database of pensioners under DBS.

Others initiatives, according her, include the establishment of care and empathy department that enhances prompt resolution of complaints.

“The department sees to the conduct of verification exercises under conducive environment.

“The unit also ensures provision of food, water and medical facilities at all verication and workshops center.

“Similarly, the directorate will continue to attend to the sick and infirm pensioners through Mobile Verification exercise,” she said.

Shw added that the directorate was intensifying the recovery of pension still being held by insurance companies through the use of all available legal means at our disposal.

“We continuously engage with National Health Insurance Scheme (NHIS) for enrollment of pensioners,” Agbeniyi said.

On the drawbacks, she said the directorate had identified lack of adequate resources to settle the liabilities inherited and to implement major initiatives mostly those that were capital intensive.