Lagos releases bond certificates to retirees

The Lagos State Pension Commission (LASPEC) has issued another set of retirement benefit bond certificates of N895. 522 million to retirees from the civil Service, Local Governments, State Universal Basic Education, and other Parastatals in June, 2016.

Speaking at the 28th Retirement Benefit Bond Certificate Presentation Ceremony, which took place at the office premises, the Director-General, Mrs. Folashade Onanuga stated that the state government commenced monthly payment of terminal entitlements in August, 2015 and in the last 11 months, N15.4 billion had been paid to 3,600 retirees.

She noted that the commission was inching towards a pension structure that would ensure commencement of pension payment not later than four weeks after retirement. Paying retirees monthly is part of the agenda for a new Lagos.

However, existing backlog must be cleared and government would still monitor the welfare of retirees from the state’s service despite the fact that payment of their monthly pension is now the responsibility of the Pension Fund Administrators or Annuity Service providers.

“Do not hesitate to report any Pension Fund Administrators (PFA) that is not treating you accordingly,” she stated.

Speaking further, she implored the retirees to study carefully the flyers on the key features of the pension benefit options: programmed withdrawal and life annuity, under the contributory pension scheme, before they make their decision.

She also emphasized that the commission made the flyers available to enable them have a full understanding of the two modes of receipt of pension entitlements.

Onanuga expressed concerns over the rate at which pension fraudsters are on the prowl.

“They have devised various means of extorting money from retirees, adding that only the greedy will be cornered,” she said.

She advised retirees to spend wisely and not engage in extravagant spending.