AIICO Insurance Plc. has formally handed over assets comprising landed property, private equity holding and cash as legacy funds which the company held custody to the Pension Transitional Arrangement Directorate (PTAD)
According to the Executive Secretary, Sharon Ekeazor, “I believe it is well understood, the Pension Reform Act, 2014 vested all pension assets, funds and liabilities in PTAD.
‘‘Following the consolidation of treasury funds parastatals pension by PTAD in August 2015, the Federal Government discontinued the release of pension intervention funds to insurance companies.
‘‘It is in the fulfillment of its mandate under the Act that PTAD has taken over the administration of Legacy Pension Funds and assets in the custody of insurance companies and Boards of Trustees of treasury funded parastatals.”
Head, Group Life, AIICO Insurance Plc. Benson Ogunyamoju, speaking on behalf of the company said – “AIICO is fulfilling its obligation by transferring all legacy funds to PTAD.