Home NEWS OTHER BUSINESSES Lagos pays N896m pension to 256 retirees

Lagos pays N896m pension to 256 retirees

ABDUL-KHALIQ OLALEKAN

The Lagos State Government, through the Lagos State Pension Commission (LASPEC)  has paid N896 million as pension entitlement for the month of June, 2016 to 256 retirees of the state civil service.

The money which was paid through Retirement Benefit Bond Certificates, to benefiting retirees from the Mainstream civil Service, Local Governments, State Universal Basic Education, and other Parastatals of government.

Speaking at the 28th Retirement Benefit Bond Certificate Presentation Ceremony, which took place in Alausa, Ikeja, Lagos, the Director-General, LASPEC, Mrs. Folashade Onanuga, stated that the State Government commenced monthly payment of terminal entitlements in August, 2015 and in the last 11 months, a sum of N15.446 billion had been paid to 3,600 retirees.

She made it clear that the commission, on behalf of the Lagos State Government, is inching towards a pension structure that will ensure commencement of pension payment not later than four weeks after retirement. Paying retirees from month to month is part of the agenda for ‘a new Lagos’, she said. She stressed that the existing backlog must be cleared

Moreover, she added that government would still monitor the welfare of retirees from the State’s Service despite the fact that payment of their monthly pension is now the responsibility of the Pension Fund Administrators or Annuity Service providers.

“Do not hesitate to report any Pension Fund Administrators (PFA) that is not treating you accordingly,” she emphasised.

Speaking further, she implored the retirees to study carefully the flyers on the key features of the pension benefit options: Programmed Withdrawal and life Annuity, under the Contributory Pension Scheme, before they make their decision. She emphasised that the commission made the flyers available to enable them have a full understanding of the two modes of receipt of pension entitlements.

On the need to be careful, she drew the attention of the recipients to the fact that Pension fraudsters are on the prowl, stating that they have devised various means of extorting money from retirees.

She noted that only the greedy will be cornered, while advising them to spend wisely and not engage in extravagant spending.

Appreciating the Governor of Lagos State for his compassion, one of the retirees, Mrs Omowunmi Fagbohunlu on behalf of others, thanked him and his team for understanding the plight of the pensioners and prayed that God, continue to guide them right.

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