FCT Pension Board Disburses N8bn

By: Wisdom Acka 

The Federal Capital Territory (FCT) Area Council Staff Pension Board has disclosed that it made disbursement of over eight billion naira as accrual benefits to 1,217 retirees over the period of six years- from 2016 till date. 

The Board saddled with the responsibility of ensuring that the FCT Area Councils’ Staff and Local Education Authority (LEA) teachers have seamless pension administration, further disclosed that within the same period it paid the total sum of 896 million Naira as death benefit of those who died, which in lieu of their death.

The Director of the Board, Dr. Nanzing Nden, who made this disclosure yesterday, during an interview with newsmen in Abuja, said for this year, the Board disbursed 754 million Naira as pension to 194 retirees.

Nden, added that within the same period, the Board has been able to pay 1.8 billion Naira as monthly pension to one million and forty-four retirees under the old scheme. 

Highlighting some of the things that the Board had done over the last six years, the Director said with the support of the Minister and the Permanent, the Board was able to ensure that it implemented the pension management system. 

“Over the five or six years we have been here, we have been able to do a few things; the implementation of the system, where we gave a robust system of implementation or computation of accrual rights benefits to all our staff. Also, we have a document management that ensures all our files are digitalised,” the Director said. 

The Director stated that they have been able to maintain a group life assurance  policy to ensure that all those who died during this period are paid their insurance benefit; adding, “We also have paid 896 million naira as death benefit of those who died the same period, in lieu of their death”.

“Every year, we have been able to implement pension operational  management system retreat , where we bring all management and stakeholders to brainstorm on our reports and critique us and advise us on the way forward,” the Director stressed.