The Lagos State Pension Commission (LASPEC) has paid the sum of N1. 5 billion as pension accrued rights to 333 retirees from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishment and Pensions Office (TEPO) and other parastatals in October 2016.

Speaking at the 32nd Retirement Benefit Bond Presentation Ceremony, which took place at the office premises, Alausa, Ikeja, the Director-General, Lagos State Pension Commission, Folashade Onanuga said since the monthly payment of accrued pension rights started in August 2015, this administration has paid a cumulative sum of N20.98 billion, to 4,799 retirees under the Contributory Pension Scheme (CPS), in the last 15 months.

According to her, the payment of accrued pension rights is structured in such a way that it is paid directly to beneficiaries, and advised them to put their money in ventures they can manage, and not one that will put their health in jeopardy.
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“Apart from the commitment to paying the entitlements of the retirees, His Excellency, the Governor of Lagos State, Akinwunmi Ambode, is also very much interested in the well-being of the retirees, and hence a One-day retirees’ interaction with His Excellency will be held soon.

“This forum will be the first of its kind in Lagos State as well as in Nigeria at large is tagged ‘Retirees Day-Out with His Excellency’ and the first outing will take place early in the New Year,” she stated.

She, however, said, it is a sort of “feedback mechanism” that allows retirees to let Government know their challenges and how the State can assist, how the Pension Fund Administrators and Annuity Service providers are treating them, and how they are faring, amongst others.

“The retirees, having heard about this development, were very quick to be of praises to His Excellency and prayed that God will continue to support him,” she added.