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LASACO Assurance Hailed on Transfer of N1.063bn Legacy Funds to PTAD

Ebere Nwoji

LASACO Assurance Plc has been commended for the recent transfer of N1.063 billion legacy funds in its custody to the Pension Transition Arrangement Directorate (PTAD).

The money was part of pension entitlements for six federal government parastatals under the Defined Benefit Scheme (DBS) which has been under its custody.

The fund transfer was in compliance with recent directive by PTAD that all insurance firms, who have such funds in their custody, should transfer same to it (PTAD).

Since the directive last year, insurance firms concerned have shown signs of compliance despite the impact it has on their accumulated premium and reserves.
While some had complied, others are warming up for to do so.

A statement by the LASACO, said PTAD gave the commendation through its Divisional Manager, Mrs. Christianah Adebote.
According to the statement, Adebote had already issued a ‘Letter of Clearance’ and has urged other companies that were yet to settle their obligations based on the directive to take a cue from those that have complied.

Adebote, said that the PTAD, last year, issued demand notices on the insurance companies holding legacy funds meant for payment of Pensioners under the Defined Benefit Scheme (DBS) to transfer outstanding funds into dedicated e-Collection account of the directorate with the Central Bank of Nigeria (CBN).

She explained that the Pensions Reform Act (PRA) 2014 vested all pension assets, funds and liabilities in PTAD and warned that other concerned companies yet to comply with the directive should do so without further delay.

She also noted that the intention of the federal government’s request for the release of the funds was to grow them for the prompt payment of pension to Pensioners.

The General Manager (Marketing) LASACO Assurance Plc, Ademoye Shobo, while receiving the Letter of Set Off from PTAD, having fully paid the amount due, said the legacy funds managed on behalf of six federal government parastatals as required by section 42 of the Pension Reform Act (2014) was fully remitted in July 2017.

LASACO achieved a profit before tax of N1.14 billion for the financial year ended December 2016, representing an increase of 183 per cent when compared with the N404 million achieved in 2015.