Lagos’ 183 retirees get N1b retirement benefits

The Lagos State Government has released about N1.24 billion for the payment of Pension entitlements of 183 Public Service retirees under the Contributory Pension Scheme Dispensation for the month of March 2018.

The Governor, Akinwunmi Ambode, at the 49th Retirement Benefit Bond Certificate Presentation in Lagos, reiterated commitment to ensuring the payment of terminal benefits of retired staff promptly as when due time.

The Governor, who was represented by the Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke, said that 8,731 retirees had accrued pension rights of more than N35 billion paid into their Retirement Savings Accounts from inception of this administration to date.

“Despite the fact that funding obligations are huge, Lagos State is very consistent in payment of pension entitlements due to Governor Ambode’s commitment and diligence,” he said.

The Director-General, LASPEC, Folashade Onanuga, in her welcome address, stated that Ambode’s commitment to retirees’ welfare stems from the understanding that the state government’s greatest assets are the employees, that is, their well being, in and out of office.

She also assured the retirees that that the government will still keep in touch with them after they have collected their Bond Certificates to know how they are fairing in retirement.

Onanuga also informed the retirees that even on their birthdays, they will get gifts from the state through the Post Service Department, in the Office of the Head of Service and advised the retirees to take informed decision about the choice of either Programmed Withdrawal or Life annuity option for receipt of terminal entitlement.

To corroborate Onanuga’s point, not allowing anyone force them in choosing a benefit option, one of the retirees, Ego Onwuzubike appealed to her colleagues to “shine their eyes” when filling forms with their PFAs and always ask questions whenever they don’t understand some things.

She said: “The two exit options are good, depending on what you want, and no particular one should be forced on any retiree. Read the instruction very well before you fill your forms.”