Pension

Lagos State pays over N8.7bn to 2,309 retirees in six months

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Chuks Udo Okonta

The Director-General of Lagos State Pension Commission (LASPEC) Babalola Obilana, has disclosed that the Governor Babajide Sanwo-Olu led administration had disbursed more than N8.7 billion as Accrued Pension Rights to 2,309 retirees’ savings accounts between January and June, 2020.

The Director-General, who stated this on Wednesday while giving an update on the payment, affirmed that Lagos State remains exceptional in the prompt payment of accrued pension rights to its retirees.

While reiterating the resolve of the State Government to the timely payment of all accrued pension rights, Obilana declared that 405 retirees’ Redemption Savings Account (RSA), was credited in the month of June, 2020 with the sum of N 978,530,632.72.

The Director-General averred that, in compliance with the COVID-19 protocols and in order to ensure the safety of all beneficiaries, the retirement Bond Certificates presentation ceremony will not hold, adding that all Retirement Bond Certificates for June have been released to Pension Fund Administrators who will invite beneficiaries in small numbers for the exit meeting and grant access to their RSA for the computation of their lump sum and monthly pension.

“The prompt payment of pensions and the welfare of retirees remains the focus of the Lagos State Government, through LASPEC. This Government will continue to deliver tangible dividends of democracy to all and sundry in the State”, the DG assured.

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