LASG expends over N100 billion on Pension Rights


From left: Head of Service, Lagos State, Mrs. Olabowale Ademola; Commissioner for Establishments, Training & Pensions, Mr. Benson Akintola and Director General, Lagos State Pension Board(LASPEB), Mrs. Folashade Onanuga, at the 9th Pre-Retirement Seminar, organised by LASPEB for Lagos State’s employees due to retiree between January and June 2015, in Alausa, Ikeja, Lagos yesterday.

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Chuks Udo Okonta

The Lagos State Government has spent over N100 billion naira in funding of employees Pension Rights, The Director General, Lagos State Pension Board, Mrs. Folashade Onanuga has said.

She noted that the total contributions credited into active employees Retirement Savings Accounts managed by the Pension Fund Administrators approved by the State Government, from April 2007 to date is about N59 billion. The accrued Pension rights of N41 billion has been paid by the State to over 9,000 retirees. This is a landmark achievement for Lagos State Government as entitlement benefits are concerned.

Mrs. Onanuga made this known while Speaking at the 9th Pre-Retirement Seminar for employees who are due to retire from the Lagos State Public Service between January and June, 2016.

She said: “Despite the fact that, the State Government’s accrued pension rights obligation is huge, the State is determined to give retirees comfort”.
“The Lagos State Pension Board will not rest on its oars until it gets to the point where before a retiree exits, his accrued pension rights would have been credited into his/her Retirement Savings Account.”

She also used the occasion to brief the prospective retirees of the State Government’s plan to provide free health care service to the retirees whose contributions to the State’s achievements cannot be quantified.

The Pre-Retirement Seminar is a bi-annual event which is intended to prepare employees who would be retiring, for a life of financial independence. It is also aimed to educate them on early documentation requirement amongst others.


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