Lagos State disburses N515m to 252 pensioners

• Pays N30m to deceased’ next of kin in July
The Lagos State government has paid N515 million to 252 pensioners just as it advised retirees not to put their retirement fund into ventures that they could not manage.

Governor Akinwunmi Ambode, who was represented by the Commissioner for Establishments, Training and Pensions, Akintola Benson at the 41st Retirement Bond Certificate Presentation Ceremony in Lagos, said the continuous payment of retiree’s entitlements was to ensure that they do not live in poverty.

He said from August 2015 to July 2017, the Lagos State Pensions Commission (LASPEC) paid accrued pensions of N29, 658.560 billion into the Retirement Savings Account (RSA) of 6,982 retirees.

This was apart from the mandatory 15 per cent contributions, which the government remits monthly into the RSAs of the state employees.

Director- General of LASPEC, Folashade Onanuga, stressed that the money being paid by the state government to the retirees should not be used to commence projects like building a house that could not be completed.

She emphasised the importance of educating their children, adding: “You will eat the fruits of your labour, but my prayer is that you will not depend on them for survival.”

She also advised the retirees not to allow anyone force them into choosing a particular type of exit option, that is Programmed Withdrawal and Annuity, rather, they should think deeply over any type that would suit them before going for it.

LASPEC also released insured death benefit cheques of over N30 million to 24 beneficiaries (next of Kin of deceased employees) in the month of July.