Lagos State government settles N42 billion pension benefits

No fewer than 10,286 retirees of the Lagos State civil service have received N41.8 billion pension benefits from the state government.

The state’s Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke, who revealed this at the 58th edition of Retirement Benefit Bond Presentation ceremony in Lagos, said the amount was the total accrued pension rights.

He added that it is the entitlements of employees under the Pay As You Go pension scheme, which was discontinued in March 2007, but was paid to 10,286 beneficiaries under the administration of Akinwunmi Ambode in the last 41 months.

The commissioner assured that government will continue to ensure prompt payment of all the entitlements due to its workforce as a way of motivating them to effectively and efficiently discharge their duties.

He said the state government has never failed to remit monthly contributions into Retirement Savings Accounts maintained by the 13 approved Pension Fund Administrators (PFAs).

Oke also recalled that few weeks ago, a total number of 137 retirees received Bond Certificates worth N739.9 million, adding that, within a period of three weeks, the government has brought joy to 276 retirees and payment of N1.3 billion.

According to him, Lagos State has consistently distinguished itself as a leading state in the management of pension and pensioners, hence, has won several awards for excellence in pension administration.

At the event, the state government also presented Retirement Benefit Bond Certificates worth N632.3 million to another 139 public service retirees for the month of December.

But the Director-General of the Lagos State Pension (LASPEC), Mrs. Folasade Onanuga, pointed out that the state government has always been in the vanguard of employees’ welfare.