Pension

Lagos state expenses over N45bn on accrued pension rights

From left: Managing Director, ARM Trustees, Mrs. Folasade Adeloye; Director General, Lagos State Pension Commission, Mrs. Folashade Onanuga; Director, Post Service Department, Public Service Office, Lagos State, Mrs. Bukola Durotoye and Executive Director, Finance and Investment, Lagos State Pension Commission, Mrs. Olusola Abisoye at the event.

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Chuks Udo Okonta

The Lagos State Government had expended over N46 billion as accrued pension rights on 11,000 retirees in the last 46 months, the Director-General, Lagos State Pension Commission (LASPEC) Mrs. Folashade Onanuga, has said.

She disclosed this today at the 16th Retirement Benefit Documentation Seminar organised by the Commission in Lagos, adding that the feat was achieved because accrued rights were paid monthly since August 2015 to date.

Mrs. Onanuga

She noted that Lagos State has not shirked for once in her responsibilities and commitments to the regular funding of employees’ Retirement Savings Accounts (RSA), stressing that the state remains the only state in the country that is up-to- date in the monthly remittance of contributions; maintains monthly payment of accrued rights and has never reneged in the funding of the Retirement Benefit Redemption Fund.

Employees in Lagos State public service due to retire between July- December, 2019 at the event.

Mrs. Onanuga posited that the state is highly committed to the welfare of its workforce both active and retired, adding that the pace would be maintained by the new administration of Governor Babajide Sanwo-Olu, who is an astute establishment person, having served as Commissioner in the Ministry of Establishment, Training and Pension.

Employees in Lagos State public service due to retire between July- December, 2019 at the event.

She implored the would-be retirees to ensure their documents are submitted in good time, so as to ensure quick process. She also urged them to maintain a safety nest whilst their pension entitlement is being processed.

Employees in Lagos State public service due to retire between July- December, 2019 at the event.

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