Lagos Releases N795 million to Retirees

Another batch of 213 Public Service Retirees under the Contributory Pension Scheme has been paid N795 million as accrued pension rights for the month of September, 2018 by the Lagos State Government.
Addressing the retirees at the 55th Retirement Benefit Bond Certificate Presentation Ceremony held on Wednesday, 3rd October in Ikeja, Lagos, the Commissioner, Ministry of Establishments Training and Pensions, Dr. Akintola Benson Oke said 9,804 retirees have had accrued pension rights of N40,245 billion paid into their Retirement Savings Accounts (RSA) from inception of the Governor Akinwunmi Ambode-led administration till date. He reiterated that despite the huge funding obligations of the Contributory pension scheme, His Excellency is committed to the well being of the pensioners in retirement. For this reason, funds are released monthly into the Retirement Savings Account of employees and also accrued rights of retirees are paid to enable them have access to their RSA.
Speaking earlier, the Director-General, LASPEC, Mrs. Folasade Onanuga said that His Excellency appreciates the retirees’ service to the State and wishes them well.
She made them understand that they are in the ‘evening’ time when they need not engage in activities that will aggravate their health status. “Apply wisdom in managing whatever you have” she advised.
Mrs. Onanuga used the medium to educate the retirees on the move by the National Pension Commission to fulfil the provision of the Pension Law on guaranteed Minimum Pension for life for retirees under the Programmed Withdrawal benefit option. It would be recalled that the Annuity option offers pension for life for the annuitants.
The retirees thanked His Excellency for his commitment to retirees’ welfare.