Lagos Govt Pays N42bn Pension Entitlements To 11,349 Retirees

Lagos State Government has paid N42bn accrued pension rights to 11,349 retirees in the state.

The Commissioner for Establishments, Training And Pensions, Mrs Ajibola Ponnle, disclosed this during the 95th retirement bond certificate presentation ceremony to retirees of the Lagos State public service.

She said, “Today, I am pleased to inform you that the Lagos State Government has paid over N42bn only as accrued pension rights to 11,349 retirees in the Mainstream, Local Government, State Universal Basic Board, Teaching Service Commission and other Parastatals of the State Government from May 2019 till date.

“Furthermore, the sum of over N1.5bn only has been credited into the Retirement Savings Accounts of 487 retirees this month, alongside their monthly contributions.”

She said prompt payment of pension obligations under the Defined Benefits and the Contributory Pension Schemes was a priority for the present administration to enable retirees to access their Retirement Savings Accounts without delay.

The commissioner stated that, “We frequently assess our policies to maintain our role as the leader in the payment of pension benefits in Nigeria.

“Presently, we are working on various reforms that would have significant impact on the welfare of retirees in the state.”

The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, said since Lagos adopted the Contributory Pension Scheme in 2007, it had not forgotten officers on the Defined Benefit Scheme.

He said, “This administration has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos State is fully compliant with the statutory requirements of the CPS.

“Despite various economic and financial challenges, employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts monthly.”

LASPEC, he noted, was constantly reviewing its business processes to ensure optimal service delivery to its retirees.

He said, “The commission has noted with concern, various individuals and associations fraudulently parading as agents of the state with claims to fast track the payment of retirement benefits at a fee. Please note that the Lagos State Pension Commission is the only entity officially endorsed by the State Government to process the payment of retirement benefits. Also note that no officer in LASPEC will ask you for money to process your payments.”