Lagos State pays N40.25bn accrued pension rights


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Chuks Udo Okonta

Lagos State Government has paid N40,245 billion accrued pension rights into retirees Retirement Savings Accounts (RSA) from the inception of Governor Akinwunmi Ambode administration till date, even as, N795 million was paid to 213 public service retirees under the Contributory Pension Scheme (CPS) in September, 2018.

A statement by Mrs Ajoke Lawal of Public Affairs Unit, Lagos State Pension Commission (LASPEC) stated that the Commissioner, Ministry of Establishments Training and Pensions, Dr. Akintola Benson Oke, disclosed this while addressing
retirees at the 55th Retirement Benefit Bond Certificate Presentation Ceremony on Wednesday, October 3, 2018, in Ikeja, Lagos.

Dr. Oke noted that 9,804 retirees have had accrued pension rights of N40,245 billion paid into their RSA from inception of the Governor Akinwunmi Ambode led administration till date.

He reiterated that despite the huge funding obligations of the Contributory pension scheme, the Governor remains committed to the well being of the pensioners in retirement, adding that for this reason, funds are released monthly into the Retirement Savings Account of employees and also accrued rights of retirees are paid to enable them have access to their RSA.

Director-General, LASPEC, Mrs. Folasade Onanuga, said the Governor appreciates the retirees’ service to the State and wishes them well.

She made the retirees to understand that they are in the ‘evening’ time when they need not engage in activities that will aggravate their health status. “Apply wisdom in managing whatever you have” she advised.

Mrs. Onanuga used the medium to educate the retirees on the move by the National Pension Commission to fulfil the provision of the Pension Law on guaranteed Minimum Pension for life for retirees under the Programmed Withdrawal benefit option.

She reminded the retirees that Annuity option offers pension for life for the annuitants, even as the retirees expressed their gratitude to the Governor for his commitment to retirees’ welfare.

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