Headline Local News Nigeria

FCT Council reforms payment of retirement benefits

The FCT Area Councils Staff Pension Board says it has institutionalized various innovative reforms for retirees within the last 6 years that had earned the Board both national and international recognition .

The Director/ Chief Executive of the Board, Dr. Nanzing Nden, who stated this while enumerating efforts of the FCT Pension Board to make life easy for Area Councils retirees and LEA teachers, said retirees can now get approval for their retirement benefits payment within one or two months before retirement.

To achieve this, Dr Nden revealed that the Board had digitalized most of its operation, the first to lunch a chatter, regularly organizes seminar for those within retirement year to update their records, trained them on life assurance policies, mentor them on the importance of investing larger chunk of their payment, give them health talk, as well as encouraged them to see their retirement as an opportunity to venture into new things, and not as death sentence.

According to Dr Nden, the Board was nominated as the finalist at the World Pension Summit that held in Netherlands this year for it’s implementation of innovative and stress less strategies, even as he revealed that FCTA herself has come to understudy the pension Board system ,with a view to making their retirees retire into comfort and steady living.

He said the staff of the Board were trained to see themselves as managers saddled with the task of managing life savings of workers through the pension scheme in a transparent manner, bearing in mind that everyone would one day retire or die.

Speaking on the number of beneficiaries within the year, Dr Nden who said 194 retirees gulp 754 million between January to October 2022, however expressed concern that available records have shown that over 132 FCT Area Councils staff from 2005 to 2015 were yet to apply for their retirement benefits.

He described this development as worrisome and advised retirees in this category to approach the Board for proper guidance.

On life assurance policies of the Board, Dr Nden said 896 million naira was paid as death benefit to those who died within the period under review.

Dr Nden said the Board intendes to launch a Pension Operational Manual, which he said will also be the first in the FCT.

He identified some of the challenges the Board was grappling with to include lack of space and late delivery of retirees files to the Board, appealed to Pension managers across the ;six Area councils to ensure that retirees files are submitted to the Board for action 3 months before their retirement.

Reporting by Remi Johnson, Editing by Omotola Oguneye