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Lagos State Government Pays N912m To Retirees

AmbodeThe Lagos State Government has paid accrued pension rights of N912 million to 165 retirees mainly from Local Government and State Universal Basic Education Board for the month of March, 2016.

Speaking at the 25th Retirement Benefit Bond Certificate presentation ceremony recently, the State Commissioner for Establishments, Training and Pension, Dr. Akintola Benson Oke, said that the regular monthly payment of accrued pension rights, being entitlements of retirees under the old pension scheme, underscore its importance to the Ambode led administration.

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He assured everyone present that the state government remains committed to making the State a role model for other States to emulate in regards to the regular payment of retirees benefit.

Earlier, the Director-General of Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga said that the State Government, through LASPEC, has paid more than N11Billion into the Retirement Savings Accounts of 2,654 retirees, adding that 1,108 of the retirees were from Local Government/SUBEB, 669 from TEPO, 583 from the Mainstream Service and 294 from Parastatals.

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She said, “Within 8 months of assuming duties, this administration has been able to put smiles on the faces of 2,815 retirees and has expended the sum of N12.4 billion on accrued pension rights.”

She advised the beneficiaries to invest the funds wisely, reminding them that due to the harsh economic situation a lot of fraudsters are on the prowl as such they should be very vigilant as well as report any negative experience from their Pension Fund Administrators to the Commission.

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Other Beneficiaries of the March 2016 pension payment include Civil Service (Mainstream), Teachers Establishment and Pension Office and Parastatals under the Contributory Pension Scheme.