Lagos pays N21.9bn to 5,027 retirees

By Abdul Olalekan

The Akinwunmi Ambode-led administration in Lagos State has, from August, 2015 to date, paid N21.929 billion as accrued pension rights to 5,027 retirees under the Contributory Pension Scheme (CPS).

The state government, through the Lagos State Pension Commission (LASPEC), equally paid N941 million retirement benefits to 228 retirees from the Mainstream Civil Service, Local Governments, State Universal Basic Education Board (SUBEB), Teachers Establishment and Pensions Office (TEPO) and other parastatals of state, for the month of November.

Speaking at the 33rd Retirement Benefit Bond Presentation ceremony, in Ikeja, Lagos, the Director-General, LASPEC, Mrs. Folashade Onanuga, reiterated the fact that the retirees needed to take good care of their health by going for comprehensive check-ups, desist from frivolous spending and advised them not to enter into ventures that would not afford them peace.

She advised the retirees not to desire quick gains as fraudsters would make offers to defraud them of their benefits.

She reiterated the fact that the Ambode is interested in the welfare of the employees both in and out of office and hence, salary and pension issues are given a place of priority.

Onanuga was quick to make the beneficiaries understand that, only Programmed Withdrawal benefit option is tenable presently, pending the time the Life Insurance Companies open Operational Account jointly with a Pension Fund Custodians (PFCs) to secure the funds for the provider of annuity services.

The retirees in their response commended the good human relations exhibited by the staff of the agency responsible for the elderly with well cultured, humble staff with good disposition.

In another development, the DG, LASPEC, has been recognised recently as the Pension Personality of the Year, Public Sector Leadership Award (Gold category) organised by the International Brand Award Nominees (IBAN) and HSBS Global.