Lagos pays retirees N684m

The Lagos State government has released N684 million as accrued pensions to 218 retirees.
The payment was made to retirees from the Mainstream Civil Service, Local Governments, State Universal Basic Education Board (SUBEB), Teachers Establishments and Pensions Office (TEPO) and other parastatals of government under the Contributory Pension Scheme for last month.
Lagos State Pension Commission (LASPEC) Director-General, Mrs. Folashade Onanuga, who spoke at the 40th Retirement Benefit Bond Certificate Presentation in Lagos, said the retirees having served the state deserved to be treated like elder statesmen.
She said they were entitled to receive their pension promptly like workers and therefore urged the beneficiaries to maintain a low profile, eat healthy food and exercise well, adding that their body needs rest and moderation.
She explained that though there were two options for receiving monthly pension entitlements – the Programmed Withdrawal and Life Annuity options – not many insurance firms have received the National Pension Commission’s (PenCom) nod to transact annuity business.
She said though Leadway Assurance Plc, FBN Insurance Custodian Life and ARM life have got the approval, only Leadway Assurance & ARM Life can offer annuity services for the government’s retirees.