LASACO Settles N1.063bn Legacy Pension Funds

• LASACO Settles N1.063bn Legacy Pension Funds

LASACO Assurance Plc has settled the N1.063bn legacy pension funds in its custody, in compliance with the directive of the Federal Government, through the Pension Transitional Arrangement Directorate.

A statement obtained on Thursday said 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.

The Divisional Manager, PTAD, Christiana Adebote, who made this known in Abuja after receiving the transfer, commended LASACO for its compliance.

She said the transfer by the underwriting firm was an execution of a Memorandum of Understanding between the directorate and the company.

Adebote said that last year, the directorate issued demand notices to insurance companies holding legacy funds meant for payment to pensioners under the DBS, to transfer outstanding funds into the dedicated e-collection account with the Central Bank of Nigeria.

She explained that the Pension Reform Act 2014 vested all pension assets, funds and liabilities on PTAD and warned that it had become imperative for other concerned companies still holding on to the legacy funds to transfer them to PTAD without further delay.

The divisional manager noted that the intention of the Federal Government’s request for the release of these funds was to use them for prompt payment of pension to pensioners.

The General Manager (Marketing), LASACO Assurance, Ademoye Shobo, while collecting the ‘Letter of Set Off’ from PTAD, having fully paid the amount due, said the legacy funds managed on behalf of six Federal Government parastatals, as required by section 42 of the Pension Reform Act (2014), was fully remitted in July 2017.