Parastatals Pension Department (PaPD)
The mandate of the Parastatals Pension Department (PaPD) is to consolidate the activities of the pension related function/activity of government parastatals that are federally funded in a seamless, efficient and expeditious manner. This is in consonance with the PRA 2004 section 43 (1) which states that “Every Board of Trustees established under the Police and Other Agencies Pension Offices (Establishment etc.) Act dissolved under section 99 of this Act shall transfer all the pension funds and assets being held by it before the commencement of the Act to the Pension Department (PTAD) established in respect of the Public Service of the Federation and Federal Capital Territory under section 30 and composed under section 31 of this Act.
Overall, the consolidation will help address and eliminate the ubiquitous cases of late payments, non-enrolment, under-payment suffered by pensioners and their next of kin (NOK).
- Ensure regular and timely payment of monthly benefits to pensioners on the payroll.
- Create and maintain a credible databank it is complete, correct, dynamic and consistent across time space
- Ensure adequate and sustainable funding of the current pension liabilities including arrears/outstanding through regular actuarial valuation
- Determine the scheme for parastatals pensioners and ensure prompt payment of their terminal benefits
- Effective monitoring of banks’ performance to ensure prompts remittance to pensioners’ account.
- Perform such other duties, which, in the opinion of the management, are necessary or expedient for the discharge of its functions under the Act.