LASG settles 8,409 retirees with N33.9b accrued pension
The Lagos State Government has paid N33, 943 billion as accrued pension rights to 8,409 retirees in the last 30 months.
Governor Akinwunmi Ambode made this known at the 47th Retirement Benefit Bond Certificate Presentation in Lagos.
He said 149 retirees of the state Public Service were paid N723 million as their accrued pension rights. The cash was paid into their Retirement Savings Accounts (RSAs).
He stated his interest in the well being of retirees had been the driving force behind the regular funding of pension obligations.
Ambode, represented by Commissioner for Establishments, Training and Pensions Dr Akintola Benson, said
“This is aside the regular monthly contributions into the Retirement Savings Account of active workers, “the governor said, adding: “We have been able to clear the backlog of outstanding pension obligations we met at the inception of this administration, and we are forging ahead to ensure that fresh liabilities arising from recent retirements are systematically cleared.
“We assure all retirees that their labour in the state shall not go unrewarded and they will not retire into penury.”
Lagos State Pension Commission (LASPEC) Director-General, Mrs. Folashade Onanuga said the Contributory Pension Scheme (CPS) is the best thing democracy has bequeathed to Nigerian workers, because it makes employers fulfill their obligations to workers, ensure commitment on the part of the various tiers of government and does not give room for stressful verification exercise as is being experienced with the Defined Benefit Scheme (DBS).
She advised retirees not to succumb to any pressure in the choice of annuity, or programmed withdrawal benefit options for receipt of the monthly pension.
She urged them to carefully go through the document that the state government provided through LASPEC on the features of the two benefit options and make an informed decision.
Onanuga said the government was looking at some welfare programmes to give them comfort in retirement, advising them to be wary of scammers, who are out there and may want to sell their ‘make quick’ money advice to them.
