PTAD Defends Pension Policy Amid Retirees' Protests

The Pension Transitional Arrangement Directorate (PTAD) defended its pension policy following protests by former employees of the defunct Assurance Bank PLC on June 10, 2026, in Lagos State. The retirees demanded the inclusion of a N32,000 pension increment approved by President Bola Tinubu in 2024.

PTAD's director stated that the agency is aware that these retirees are not entitled to the specific increment, as outlined in a circular from the National Salaries, Incomes and Wages Commission dated September 27, 2024. Instead, the retirees are eligible for a pension increase of 10.66% to 12.95%.

PTAD revealed that significant funds have already been disbursed, totaling N5,095,197,136.52, with 50% of arrears related to the pension increment already paid. The agency reaffirmed its commitment to ensuring that eligible defined benefit pensioners receive their full entitlements promptly and transparently.