PTAD to take more insurance companies to court over failure to pay legacy funds

The Pension Transitional Arrangement Directorate, PTAD, could prosecute more insurance agencies over refusal to pay heritage assets in their ownership, in the wake of winning the body of evidence against Goldlink Insurance.

Protection According to PTAD around 15 insurance agencies owed a sum of N27 billion of inheritance reserves, and keeping in mind that ten of the organizations have effectively exchanged N16 billion to PTAD, others are yet to do as such, leaving N11 billion remarkable.

The heritage reserves are annuity assets of national government parastatals kept in the care of protection firms before the authorization of the Pension Reforms Act (PRA) 2004. The national government early a year ago coordinated the insurance agencies holding the assets to dispatch them to PTAD.

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Fresh9ja discoveries uncover that the deferral to pay the inheritance assets by some insurance agencies is blocking installments to numerous retired people under the outdated Defined Benefit Scheme (DBS). Therefore, PTAD hauled the defaulting safety net providers to court while anchoring administering against Goldlink Insurance, which guided the back up plan to pay N1.2 billion heritage finance in its ownership to the Directorate just as 10 percent intrigue for every annum until the point that the judgment total is settled. Talking on this advancement in Abuja as of late, the Executive Secretary, PTAD, Sharon Ikeazor, said PTAD will pursue a similar procedure on all the remarkable inheritance supports held by insurance agencies.


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