Lagos Pays N1bn to Retirees

• Lagos Pays N1bn to Retirees

The Lagos State Government has released N1.05bn for the payment of accrued pension rights of retirees under the Contributory Pension Scheme in the state’s public service and local governments.

According to a statement obtained on Sunday, the Lagos State Governor, Mr. Akinwunmi Ambode, said employees who had served the state and now retired deserved to be specially recognised, and be in the celebration mood for the Lagos at 50.

The statement said the money was released for 241 retirees.

During the 39th retirement benefit bond presentation ceremony in Lagos, the Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, advised the beneficiaries not to look for quick gains on their money because investments with higher returns could attract higher risks.

She also explained that even though there were two options available for receipt of pension entitlements, programmed withdrawal and life annuity, retirees wishing to access their Retirement Savings Accounts would only be able to draw pension under the programmed withdrawal module.

Onanuga explained that this was because the regulators of pension and insurance in the country (National Pension Commission and National Insurance Commission) had yet to fine-tune the annuity option in the new dispensation.