Lagos Pays N170m Deceased Workers’ Beneficiaries

lagosLagos State Governor, Mr. Akinwunmi Ambode
  • Lagos Pays N170m Deceased Workers’ Beneficiaries

The Lagos State Government, through its Pension Commission, LASPEC, has disbursed N170 million as payment of insurance benefits to the named beneficiaries of deceased employees. Director-General, DG, LASPEC, Mrs. Folashade Onanuga disclosed this at the 2016 Senior Citizens/Pensioners Day celebration, in Ikeja.

According to Onanuga, “Today, we are celebrating the beginning of your financial independence. Retirement Benefit Bond Certificates will be presented to a total number of 495 retirees. The amount that will be redeemed into the Retirement Savings account of the beneficiaries is N1.9 billion.

Terminal salary

“The state government, through the Commission has paid to named beneficiaries of deceased employees, insurance benefit worth the sum of over N114 million. She is set to pay another N56.1million death benefit today, bringing the total to approximately N170million.

“The insured death of 320 percent of the terminal salary of a deceased staff is designed by Law to be paid to alleviate the immediate needs of the family members left behind.

“The Estate of a deceased staff is also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before the commencement of the CPS.

“This feat is a clear indication that Contributory Pension Scheme is working perfectly well in Lagos State.”

She expressed profound appreciation to service providers, Pension Fund Administrators, PFAs, the Insurance Companies, and the staff for their commitment to the scheme.

Onanuga informed that at present, only programmed withdrawal benefit option is tenable pending the time, that Life Insurance Companies would open operational account jointly with Pension Fund Custodians, PFCs, to secure the Pension funds for the payment of annuity entitlements.

She urged all beneficiaries to take very good care of their health, as well as desist from frivolous spending. “Do not desire quick gains that would make you fall victims of fraudsters,” he said.

In his address Chairman of Nigeria Union of Pensioners, Lagos Council and South West, Nojeem Ibrahim, commended the present administration in the state, noting that since Ambode assumed office, monthly salaries of workers and pensions have been paid regularly.

Ibrahim, recalled when Ambode, who is now a pensioner, paid the first three years arrears of 142 percent accrued pension when he was the Accountant-General of the state.

The chairman however, made the following requests from Ambode which include; Payment of the remaining gratuities of all affected, mostly local government, primary school teachers and parastatals, payment of benefits to Next-of-kin of affected deceased pensioners, harmonization of all pensioners in the state as they were all affected by recession and construction of a befitting office of the state council of Nigeria Union of Pensioners.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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