Lagos Pays N597m to 148 Retirees

retirees
  • Lagos Pays N597m to 148 Retirees

The Lagos State Government has continued the payment of retirees’ entitlements by paying another set of 148 retirees from the Mainstream Civil Service, Local Governments and State Universal Basic Education Board, Teachers Establishments and Pensions Office and other parastatals of Government.

A statement from the Lagos State Pension Commission said the sum of N597m was credited into the Retirement Savings Account of the retirees as their accrued pension rights.

It stated that under the administration of the incumbent Lagos State Governor, Mr. Akinwunmi Ambode, the state government had been able to pay a total of N24.42bn as accrued pension rights to 5,668 retirees under the Contributory Pension Scheme since August, 2015.

While speaking at the presentation of the retirement benefit bond certificates to the 35th batch of the CPS retirees, the Director-General, LASPEC, Mrs. Folashade Onanuga, reiterated the governor’s desire to see the state’s retirees enjoy their lives out of office without stress.

She advised the retirees to be vigilant so as not to fall victims of scammers.

She told the retirees that the window was open for those that would prefer life annuity for their monthly pensions, adding that their Pension Fund Administrators would transfer the premium to Pension Fund Custodians appointed by the life insurance companies.

Onanuga noted that in the last two months, only programmed withdrawal benefit option was available.

According to the statement, a legal practitioner and expert on “Will writing”, Mrs. Yetunde Fawehinmi, enlightened the retirees on the importance of Will writing.

She said, “Death is a necessary end, whether you like it or not. It is very important to document how you would like your belongings to be shared. If you don’t, it is the government that will do it for you, in case there is rancour among those you left behind concerning your estate”

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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