Pension

Lagos State pays over N25bn to 5,819 retirees in 18 months

From left: Executive Director, Lagos State Pension Commission, Olumuyiwa Oshin; Director General, Babalola Obilana; Chairman, Lagos State Civil Service Commission, Mrs. Olubunmi Fabanwo; a Pensioner and Commissioner for Establishment, Training & Pension, Lagos State, Mrs. Ajibola Ponule at the event

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Chuks Udo Okonta

Lagos State has paid over N25 billion into the Retirement Savings Accounts (RSAs) of 5,819 retirees of the state since the advent of the present administration, Governor Babajide Sanwo-Olu, has said.

Sanwo-olu represented by Mrs. Olubunmi Fabanwo, Chairman, Lagos State Civil Service Commision said this today at the 81st Retirement Bond Certificate presentation to 471 retirees of the state Public Service in Lagos.

He said that retirees were workers in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commision (TESCOM) and other parastatals of the state government.

“I am happy to report that 5,819 retirees are enjoying their retirement benefits under the Contributory Pension Scheme (CPS) in the past 18 months of my administration.

“It is gratifying to note that since the advent of this administration, the state government has paid Twenty -five billion, sixty-three Million, Twenty-seven Thousand , Nine hundred and Twenty-four Naira ,Eighty-six kobo into the RSA of the state’s retirees, ” he said .

According to him, the state government had also remitted over N2 billion into the respective RSA’s of 471 retirees through the Pension Fund Administrator (PFA) for the month of december.

Sanwo-olu stated that with such commitment and performance, it was not surprising that retiring officers in the state now look forward to retirement with more confidence and joy.

The Governor said that Lagos state have continued to be the leading light , not only in the administration of pension benefits but generally in good credible governance.

“Let me assure you that the state government through the Lagos State Pension Commision (LASPEC) will continue to ensure that public service retirees not only get what is due to them statutorily.

“But also receive ,through other agencies and programmes , additional support and assistance that will add value to their lives in retirement.

“I will continue to run an open government of inclusion that will ensure no one is left behind.

“We must therefore be determined to contribute to the change that is much expected to bail our country out of her present situation and make life worth living for everyone,” he said.

Commisioner for Establishments , Training and Pensions, Mrs. Ajibola Ponnle, lauded Gov. Sanwo-Olu for ensuring the availability of funds to the commission for the payment of retirement benefits as and when due.

“Despite the global pandemic and it’s impact on the Nigerian economy, the state government has made continuous monthly payments of accrued pension rights into the RSA of retirees a priority to enable them have access to their retirement bond benefits, “she said.

Ponnle noted that following the emergence of Lagos State as the winner of the National Pension Commision’s (PenCom) award for the best complaint state in the Federation consecutively and consistently, the ministry and LASPEC was committed to maintain the rating.

She said this will be done by improving on timely payment of retirees’ pensions and other applicable benefits upon disengagement from service .

The commisioner congratulated the retirees’ and advised them to embrace the joy and challenges of their new phase of life .

“Do not hesitate to contact LASPEC or even the Ministry of Establishments, Training and Pensions should you require clarification or advise regarding the modalities surrounding your retirement benefit matters, ” she said.

Director -General LASPEC, Babalola Obilana, said the event was designed as the state government’s special gift for the retirees for the festive season .

He informed the retirees about the official launch of the RSA transfer window system by PenCom on Nov. 16 which permits RSA holders to transfer their accounts from one PFA to another once a year.

“The activation of the RSA transfer process will engender competition and improve service deliver in the pension industry while asserting the rights of RSA holders to determine which PFA manages their pension contribution and retirement benefits,” he said .

He appreciated its stakeholders, PFA’s and Insurance companies for their relentless efforts towards the success of the CPS.

Obilana enjoined the pensioners to take very good care of themselves, as health is wealth.

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