Lagos Releases 684 Million Naira For 218 Retirees’ Pension

While addressing the retirees at the 40th retirement benefit bond certificate presentation in Lagos, the Director-General, Lagos State Pension Commission, Folashade Onanuga, said that the retirees deserve to get their pensions like active workers, having contributed their quota to the development of the state.

The pension is from the mainstream civil service, local governments, the State Universal Basic Education Board, Teachers Establishments and Pensions Office and other parastatals of government under the Contributory Pension Scheme for the month of June.

Onanuga also explained that even though there were two options available for the receipt of monthly pensions, the programmed withdrawal and life annuity options, not many insurance companies have received the National Pension Commission’s nod to engage in the annuity business.

However, she pointed out that Leadway Assurance, FBN Insurance, Custodian Life and ARM Life had obtained approval, but that only Leadway Assurance and ARM Life were given approval to provide annuity services for Lagos State Government retirees.

She adds that the Lagos State Pension Commission has been recognised as the ‘Best Public Sector Pension Administrator in West Africa’ by the West Africa Innovation Awards.