148 Lagos retirees get N597m pension benefits
By Abdul Olalekan
148 retirees from the Lagos State civil service were paid N597 million as their pension entitlements.
The beneficiaries are retired civil servants of the Mainstream Civil Service, Local Governments and State Universal Basic Education Board (SUBEB), Teachers Establishments and Pensions Office (TEPO) and other parastatals of the state government.
A statement from Mrs Ajoke Lawal of the Public Affairs Unit, Lagos State Pension Commission (LASPEC) and made available to Business 247 News Online on Wednesday, noted that the money has been paid into their respective Retirement Savings Accounts (RSAs).
Since the inception of Governor Akinwunmi Ambode in the state, LASPEC said a total sum of N24, 426 billion has been paid as accrued pension rights to 5,668 retirees under the Contributory Pension Scheme (CPS).
Speaking at the presentation of Retirement Benefit Bond Certificates to the 35th batch of Contributory pension Scheme retirees, in Alausa, Ikeja, Lagos, the Director-General, LASPEC, Mrs. Folashade Onanuga, reiterated the governor’s desire to see retirees enjoy their lives out of office without stress. She advised them to be extremely careful so as not to fall victims of scammers.
She informed the retirees that the window was opened for those that would prefer Life Annuity services, for receipt of their monthly pension and that their Pension Fund Administrators (PFA) will now transfer the premium for the life annuity services to Pension Fund Custodians (PFC) appointed by the life insurance companies. In the last two months, only Programmed Withdrawal benefit option was tenable.
Moreover, a legal practitioner, Mrs. Yetunde Fawehinmi, at the event, enlightened the retirees on the importance of Will writing, to avoid chaos, should in case a pensioner died.
According to her: “death is a necessary end, whether you like it or not. It is very important to document how you would like your belongings to be shared. If you don’t, it is the government that will do it for you, in case there is rancour among those you left behind concerning your estate.”
