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Lagos gives retirees smart identification cards, pays N1billion accrued rights

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Governor Ambode. PHOTO: Twitter/AkinwunmiAmbode

Lagos State Government upped its reforms in pension administration, as it emerged the first state to issue Electronic Identification Cards to retirees under the Contributory Pension Scheme (CPS).

The Public Affairs Unit Officer, Lagos State Pension Commission (LASPEC), Ajoke Lawal, said the Commissioner for Establishments, Training and Pensions, Dr. Akintola Bension Oke, at the 61st edition of Retirement Benefit Bond Certificate Presentation Ceremony in Lagos, assured the retirees of the government’s interest in their welfare.

However, at the event, 146 public service retirees received their accrued pension rights of N1.1 billion, which was paid into their Retirement Savings Account, adding that the issuance of the unique identification cards, will give retirees access to other social welfare benefits apart from being a means of identification.

The Director-General of LASPEC, Mrs. Folashade Onanuga, congratulated the retirees, who made history by being the first set of retirees to receive the Electronic Identification Cards.

She said that Governor Akinwunmi Ambode had promised better life for retirees, hence had ensured the automation of the Lagos State Pension Commission to enhance service delivery to the workers, adding that the issuance of the identification card is geared towards improving the longevity risk faced by the retirees.

She stated that the cards, which will be issued to all retirees in Lagos State Public Service, including the parastatals and local government councils, will reflect details of the pension plan by each retiree and who the provider of pension benefits was.
The smart card, she noted, is also designed to give the commission an electronic monitoring of the activities of the pension providers.

“If your pension is paid either through the programmed Withdrawal option offered by Pension Fund Administrators or through Annuity for life offered by Life Assurance Companies, we will from the confines of our Office, using your identification number, be able to monitor whether the Pension Providers are living up to expectation.


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