PTAD Pays ₦18.96bn BEC Arrears To 3,958 Former PHCN Pensioners

PTAD Pays ₦18.96bn BEC Arrears to 3,958 Former PHCN Pensioners

The Pension Transitional Arrangement Directorate PTAD has paid outstanding Back-End Computation BEC arrears to 3,958 eligible pensioners of the defunct Power Holding Company of Nigeria PHCN. The payment, valued at ₦18.96 billion, is part of efforts to settle outstanding pension obligations owed to eligible former PHCN employees under Nigeria’s pension transition arrangements. PTAD said the beneficiaries were among eligible pensioners entitled to the outstanding BEC payments arising from their pension computation. The settlement represents a significant disbursement towards resolving arrears owed to former employees of the electricity sector following the transition from the Power Holding Company of Nigeria. The Pension Transitional Arrangement Directorate is responsible for administering pension matters relating to Nigeria’s defined-benefit pension schemes for employees of government agencies and other covered institutions. Its responsibilities include processing and paying pensions and addressing outstanding liabilities involving pensioners under the transitional arrangements. The settlement of the BEC arrears is expected to provide financial relief to the affected pensioners who had been awaiting payment of their outstanding entitlements. The development also highlights the continuing process of addressing legacy pension obligations associated with the restructuring and privatisation of Nigeria’s power sector. PTAD’s payment to the 3,958 eligible beneficiaries marks another step in the settlement of outstanding pension liabilities involving former PHCN workers.