Insurance

Lagos State pays over N1bn accrued pension rights to 259 retirees

Obilana

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Chuks Udo Okonta

The Lagos State Government said it has remitted the sum of N1,133,226,083.77 (One Billion, One Hundred and Thirty-Three Million, Two Hundred and Twenty-Six Thousand, Eighty Three Naira and Seventy-Seven Kobo) as accrued pension rights in favor of 259 retirees for the month of July, 2020.

The Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana made this known recently during a meeting with Pension Fund Administrators (PFAs) and Insurance Companies at Alausa, Ikeja.

According to Obilana, from the inception of the Contributory Pensions Scheme (CPS), the State Government has complied with the financial obligations of the Scheme in relation to the monthly funding of the Retirement Savings Accounts (RSA) of employees and the payment of death benefits to the next of kin of employees who die while in active service.

The Director-General said he is optimistic that Governor, Babajide Sanwo-Olu, inspite of the financial challenges will not relent on his promise to remit accrued pension rights into the Retirement Savings Accounts on monthly basis because of his commitment to the welfare of the State’s workforce both serving and retired.

Obilana promised to monitor the monthly payments by all Parastatals of the State Government through Compliance Inspection Exercise with a view to ensuring that monthly deductions from employees’ salaries and employers’ contributions are remitted into the respective Retirement Savings Accounts of the employees.

While imploring the Pension Service Providers to improve on their service delivery to Retirees at all times, the Director-General urged them to always ensure prompt payment of Retirement Bond Certificates released to them for Retirees monthly.

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