Lagos State releases N784m for pension payments

The Lagos State Government (LASG) has released N784,690 million to offset the Accrued Pension Rights (ACR) of its retirees.

This is contained in a statement released by Mrs Ajoke Lawal, the Lagos State Pension Commission (LASPEC) spokesperson, on Wednesday in Lagos.

She said the state government released funds every month to ensure the ACR gradually got cleared and said the last release of fund was for June and in respect of 266 retirees.

The commission further said that the State Governor, Mr Babajide Sanwo-Olu, would always ensure the welfare of the retirees from the state.

“Sanwo-Olu, is committed to making sure that the payments of ACR continues monthly,” LASPEC said.

The Director-General of LASPEC, Mrs Folashade Onanuga, in the statement, advised the retirees not to succumb to pressure of choosing either Annuity or Programmed Withdrawal pension payments options, to be used after retirement.

“We advise the retirees to know the nitty-gritty of Annuity or Programmed Withdrawal benefit options before making their choice.

“Individual circumstance should be considered before making any choice,’’ she said.

The LASPEC director-general further urged all the beneficiaries to be extremely cautious and careful when embarking on choice of business after retirement.

“Do not go into business that you are not knowledgeable about,” she said.