Lagos Pays N723 Million To 149 Retirees

The Lagos State Government on Tuesday paid accrued rights of N723 million into the Retirement savings Accounts of 149 retirees for the Public Service.

It was the 47th Retirement Benefit Bond Certificate Presentation Ceremony held On Tuesday at the NECA House, Ikeja, Lagos, Southwest Nigeria.

Commissioner for Establishments, Training and Pensions, Dr. Benson Akintola, who represented Governor Akinwunmi Ambode said the governor’s interest in well being of the retirees had been the driving force of the state government’s commitment to regular funding of pension obligations.

Dr. Akintola said, Ambode has been able to expend N33. 943 billion in form of accrued pension rights to 8,409 retirees in the last 30 months, aside from the regular monthly contributions into the RSAs of active workers.

“We have been able to clear the backlog of outstanding pension obligations we met at the inception of this administration and we are forging ahead to ensure that fresh liabilities arrears from recent retirements are systematically cleared. We assure all retirees that your labour in Lagos shall not go unrewarded and you will not retire into penury,” he said.

The Director-General, Lagos State Pensions Commission, LASPEC, Mrs. Folashade Onanuga said that Contributory Pension Scheme is the best thing democracy had bequeathed to Nigerian workers because it made employers fulfill their obligations to workers, ensured commitment on the part of the different tiers of government and did not give room for stressful verification as it is in the Defined Benefit Scheme (DBS).

She advised them not to succumb to any pressure in the choice of annuity or programmed withdrawal benefit options for receipt of monthly pension.