The Pension Transitional Arrangement Directorate (PTAD) has defended its pension payment policy, insisting that former workers of the defunct Assurance Bank Plc are not entitled to the N32,000 pension increment approved by President Bola Ahmed Tinubu in 2024.
PTAD’s position came in response to a protest staged by ex-workers of the defunct bank at its Lagos office over their exclusion from the pension increase.
In a statement, the directorate said while it respected the retirees’ right to protest, their demand was inconsistent with existing Federal Government guidelines governing pension reviews for Defined Benefit Scheme (DBS) pensioners.
According to PTAD, a circular issued by the National Salaries, Incomes and Wages Commission (NSIWC) excluded pensioners of Peoples Bank of Nigeria, Assurance Bank, Nigeria Reinsurance, NICON Insurance, and NITEL/MTEL from the N32,000 flat-rate increment.
The agency explained that pensioners from the affected organisations were instead placed on a percentage-based pension review structure.
PTAD stated that under another NSIWC circular, the affected pensioners were granted pension increases of 10.66 per cent and 12.95 per cent, rather than the N32,000 increase applicable to other categories of retirees.
The directorate expressed surprise that the protesting ex-workers proceeded with the demonstration despite being aware of the policy.
“It is surprising that ex-workers of Assurance Bank Plc visited the PTAD Lagos Office to protest their non-inclusion despite being aware that they are not entitled to the benefit under the applicable guidelines,” the statement said.
PTAD further disclosed that it implemented the approved pension reviews, including the 10.66 per cent, 12.95 per cent and N32,000 increases for eligible pensioners, in its September 2025 payroll.
The agency revealed that in December 2025, it paid N5.09 billion to 11,205 eligible DBS pensioners from the affected organisations as part-payment of arrears arising from the percentage increases.
Reaffirming its commitment to pensioners’ welfare under the Renewed Hope Agenda of President Tinubu’s administration, PTAD assured that all eligible retirees would continue to receive their entitlements promptly and transparently.
However, the protesting retirees maintained that they were being unfairly treated.
One of the protest coordinators and former Assurance Bank employee, Idowu Oshikoya, argued that many retirees in the category receive less than N10,000 monthly pension and are struggling to survive amid rising living costs.
Oshikoya said the exclusion of the group from the N32,000 pension increase amounted to discrimination, adding that many retirees were finding it difficult to meet basic needs.
The retirees also alleged that despite being absorbed into PTAD in 2019, their benefits had not been aligned with those of regular Federal Government pensioners.
The disagreement has further highlighted concerns over pension welfare and the growing hardship faced by retirees amid the country’s economic challenges.
