Lagos pays N18.598 billion accrued pension

The Lagos State Pension Commission (LASPEC) has paid a sum of N18.598 billion Pension Accrued Rights to 4,466 retirees from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishment and Pension Office (TEPO) and other parastatals in September, 2016.

Specifically, out of this, 362 retirees received N1.647 billion for the month of September 2016.Speaking at the 31st Retirement Benefit Bond Presentation Ceremony, which took place at the office premises, Alausa, Ikeja, the Director-General, Mrs. Folashade Onanuga said the payment has been made possible because the Governor, Akinwunmi Ambode is very much concerned about pensioners’ comfort.

Onanuga gave a lifestyle talk to the retirees, and advised them to take care of their health.She said the importance of water which should be taken early in the morning and on the need to carry out light forms of exercises to make them fit.

Speaking further, she also advised them to be mindful of Pension fraudsters and encouraged the retirees to live a life of contentment. “Please do not invest your money in ventures you know nothing about in the process of making huge gains. The higher the gain, the bigger the risk, and at your age you should not be a risk lover as it may affect your health adversely,” Onanuga said.

In a related development, the Lagos State Government through the Commission has paid to named beneficiaries of deceased employees, Insurance benefit worth, the sum of N42,305,071.99 billion.

The Director-General, said the insured death of 320 per cent of the terminal salary of a deceased staff is designed by law to be paid in the first instance to alleviate the immediate needs of the family members left behind.

She noted that the estate of the deceased are also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before the commencement of the Contributory Pension Scheme.

In appreciation, one of the beneficiaries commended the effort of Lagos State in the payment of pension despite the economic downturn the country is passing through.