10,300 Lagos retirees get N48bn accrued pension
By ABDUL OLALEKAN
The Lagos State Government has paid N48 billion as accrued pension to 10,300 pensioners of the State civil service.
The beneficiaries are people who have retired from Lagos State public service.
Speaking at the 10th Retirement Benefit Documentation seminar for employees who are due to retire from the Lagos State Public Service between July to December, 2016 in Alausa, Ikeja, Lagos, the State’s Commissioner for Establishments, Training and Pensions, Dr. Benson Oke Akintola said, the government will continue to deliver tangible dividends of democracy in spite of the limited available resources.
The Commissioner, who was represented by the Permanent Secretary, Civil Service Pensions Office, Mrs. Funmilayo Balogun said, prompt payment of the monthly salaries and allowances of all active workers by the Lagos State Government will continue to be its focus. This, he added, is because government is ever conscious of the necessity to ensure the well-being of its workforce whose contributions to its achievements cannot be quantified.
Speaking earlier, Director General, Lagos State Pension Commission, LASPEC, Mrs. Folashade Onanuga said the total contributions credited into active employees Retirement Savings Accounts, RSAs managed by the 10 Pension Fund Administrators, PFAs approved by the State Government, from April 2007 to March 2016 is approximately N64 billion. The accrued pension rights of over N48 billion, according to her, has been paid by the State to over 10, 300 retirees, stating that Lagos State Government’s funding of employees’ pension rights under the CPS is approximately N112.080 billion.
Speaking further, she said, the Governor of Lagos State is totally committed to ensuring the best in Lagos State, as far as payment of entitlements are concerned.
Tothis end, she said the State has issued the sum of N13. 701 billion to 3,069 retirees from August, 2015 to date, noting that the commission is set to pay another batch of retirees in this month of May, 2016.
While thanking the State Governor and his team for their dedication and steadfastness, despite the myriad of projects competing for the State’s resources, she used the medium to appreciate all the stakeholders that have contributed immensely to the efficient operations of the scheme in Lagos State.
She concluded by appealing to prospective retirees to be wary of pension fraudsters.
The Retirement Benefit Documentation 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 how to manage their health in retirement as well as early documentation requirement, amongst others.
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