The FCT Pension Department is saddled with the responsibility of processing and payments of retirement benefits to the FCT Pensioners and Retirees. These benefits on the Defined Scheme are itemized below:-
(a) Payment of Gratuity
(b) Payment of Pension
(c) Payment of Arrears of Pension
(d) Payment of Death Gratuity
(e) Payment of Death Pension
(f) Group Life Assurance.
With the enactment of the Pension Reform Act, 2004, the FCT Pension Department referred by the Act as Pension Transitional Arrangement Department (PTAD) has additional responsibilities thus:-
(a) Liaise with the National Pension Commission (PENCOM) as a regulatory body on all Pension matters as it affects the FCTA.
(b) The Establishment of a Retirement Benefit Redemption Bond Account domiciled at the Central Bank of Nigeria (CBN) for the remittance of accrued rights to the FCT retirees. The authority is mandated by the Act to set aside 5% gross monthly wage bill of the authority for this purpose.
(c) The monitoring and tracking of Pension contribution deductions into various staff Retirement Savings Account (RSA’s).
(d) Serve as Liaison with the various Pension Fund Administrators (PFA’s) to create a working relationship between the Department, the PFA’s and the PFC’s in terms of remittances
The Department is headed by a Director and assisted by Deputy Director (Finance) and Deputy Director (Admin).
The structure of the Department further comprises of a Defined Benefit Scheme (Old Scheme with Pensioners) while incorporating the New Contributory Pension Scheme (New Scheme with retirees) all geared towards optimal performance of the New Pension Reform Act’ 2004