Tuesday, March 31, 2020
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FCTA Releases N1.3bn For Retirees Payment

FCTA, Abuja
By Laide Akinboade, Lagos

Federal Capital Territory Administration (FCTA), has approved the release of N1, 284,000,000) for the payment of retirees in the Federal Capital Territory (FCT).

The Director and Chief Executive Officer, FCT Area Council Pension Board Mr Nanzing Nden revealed this while briefing journalists in Abuja.

The Director stated that the amounts would be used to settle two hundred and forty seven (247) retiree officers of the Area councils and the LEA teachers.

Nden who said that the approval was meant for the payment of those who have submitted their documents and have been processed for payment up to April this year added that as of April to date the board has received only thirty one files that would be process.

He also explained that, “We recalled that at the last briefing I intimated of the fact that we are going to start an advanced payment system for retirees from our system. So as of today, we only have thirty one files that have been send to us from May to date for total liability of one hundred and thirty eight millions which is outstanding”.

The Director further said the Board is sticking its plan that by September this year, the board intend to pay their pensioners three months before their retirement.

He noted that the ideas was to run away from the former system where people retired and stay for years before getting access to their benefits.

Mr Nden also disclosed that by the year 2020 the Board has the vision of paying six months about to retirement year.

The CEO of the board further said they also got the approval of tender board from the FCT Administration which means that all the files of pensioners that have been paid through their system will be converted to e-files adding that all the old files would be sent to FCT Archives for storage.

Speaking further, he said going forward they will have the software for any files or documents coming to FCT Area councils Pension Board.

He said such files or documents must be converted to an E-environment for easy work flow.

Nden also stated that another approval the board has gotten form the FCT administration was for consultancy for insfrastructure and ICT deployment which he said was in favor of files consultant and the consultant are to help them with system for accounting, auditing, pension administration and other services within the pension system.

“Another Consultant that had been approved also by the administration is the Actuarial Variations which is in favor of AD Sani. It will be responsible for upgrading our actuarial variations for pension management so that those who have complains of low payment of benefits before will be attending to”, he added. 

The Director while pointing out that in the last variations that was conducted eight years ago some people were omitted from the variation list assured the pensioners that with this consultancy it will cure the defect that were notice in the last variations exercise.

“Those that will benefit from this consultancy service will have better pay out because we are going to factor increases that have been mandated by the Salary Income and Wages Commission which require that every five years we increase pension. These are some of the approval we have gotten”, said the Director.

He also hinted that from now on-ward the FCT Area councils Pension Board will be a reference point to other systems and expected that they work hard to meet up to the expectations of the pension retirement system.

He then enjoined the retirees to be little patient and allow the account people do the necessary processing of the voucher and also allow it go through auditing before payment commences.

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