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LASACO settles N1.1bn pension legacy fund

LASACO Assurance Plc has settled the N1.063 billion Pension Legacy Funds in its custody in compliance with the directive of the Federal Government. 

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The company paid the sum to the Pension Transitional Arrangement Directorate (PTAD) as final settlement of the funds meant for pensions of six Federal Government parastatals under the Defined Benefit Scheme (DBS).

The Divisional Manager of PTAD, Christiana Adebote, made this known in Abuja after receiving the transfer.

She said the transfer by the underwriting firm is an execution of a Memorandum of Understanding (MoU) between the directorate and the company.

The Marketing General Manager of LASACO Assurance Plc, Ademoye Shobo, while collecting the Letter of Set Off from PTAD, 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.

 

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