Lagos pension fund hits N56.9b, retirees get N31.8b

THE Lagos State joint contributory pension fund is in excess of N56.9billion, the Director General, Lagos State Pension Commission (LASPEC), Rotimi Adekunle Hussain has said.

   Hussain made the figure public during the 16th retirement bond certificate presentation of N1.411 billion to 305 workers who retired from the State Public Service before the commencement of the Contributory Pension Scheme (CPS) in 2007.

   According to him, with the payment of N1.411billion, money paid from inception of the state retirement bond certificate presentation in 2010 till date is N31.8billion for 6,078 retirees while the monthly deduction of 7.5 per cent from the salary of every employee and the counterpart 7.5 per cent contribution by the state government since inception of the scheme in 2007 has also increased to over N56. 998billion.

   Speaking further, the head of service, Lagos state, Folashade Sherifat Jaji commended the pensioners for their various effort while in public service.

She urged them not to turn their back on public service, adding that the state will appreciate their input and suggestions on how to better the lots of the citizenry through improved service delivery.

   She also commended the board and management of LASPEC and the Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) for their zeal to ensure that pensioners in the state don’t suffer.

She commended the commission for the continuous improvement in the strategies being deployed in carrying out the assigned mandate.

   The bond certificates worth over N1 billion brings to N31.9 billion the total amount so far paid to the state’s 6,078 retirees since the inception of the programme in 2010.

She explained that the presentation is one great attainment on the cycle of Contributory Pension Scheme, adding that it  goes to confirm that the past labours of the retirees are deeply appreciated and valued.