Lagos pays over N1bn Retirement Benefit Bonds to 259 Retirees

Lagos State Government has disclosed that it has remitted over N1 billion as accrued pension rights of 259 retirees for the month of July. The was disclosed by the Director General of Lagos State Pension Commission (LASPEC), Babalola Obilana, who made the disclosure during a meeting with the Pension Fund Administrators (PFAs) and insurance companies at Alausa, Ikeja.

Mr Obilana noted that the state government from inception of the Contributory Pensions Scheme (CPS) has complied with the financial obligations of the scheme in relation to the monthly funding of the Retirement Savings Accounts (RSA) of employees and the payment of death benefits to the next-of-kin of employees who died while in active service.

He said Governor Babajide Sanwo-Olu will not relent on his promise to remit accrued pension rights into the RSA of employees on monthly basis in spite of the financial challenges the state might face. Mr Obilana said he could give the assurance on behalf of the governor because of his commitment to the welfare of the state’s serving and retired workforce.

He promised to monitor the monthly payments by all state parastatals and agencies through the Compliance Inspection Exercise. Mr Obilana said this was with a view to ensure that monthly deductions from employees’ salaries and employers’ contributions are remitted into the respective employees’ RSA.

He also urged the Pension Service Providers to improve on their services to retirees and ensure prompt payment and release of Retirement Bond Certificates to the beneficiaries monthly.