Lagos Paid N795m to CPS Retirees in September

• Lagos Paid N795m to CPS Retirees in September

Lagos State Government said it paid another batch of 213 public service retirees under the Contributory Pension Scheme N795m accrued pension rights in September.

Addressing retirees at the 55th Retirement Benefit Bond certificate presentation in Lagos, the state Commissioner for Establishments, Training and Pensions, Dr Akintola Oke, said 9,804 retirees had accrued pension rights of N40.24bn paid into their RetirementSavings Accounts from inception of the Governor Akinwunmi Ambode-led administration till date.

He reiterated that despite the huge funding obligations of the CPS, the state was committed to the well-being of the pensioners in retirement.

For this reason, he added, funds were released monthly into the RSAs of employees and accrued rights of retirees were paid to enable them to have access to their RSA.

The Director-General, LASPEC, Mrs Folasade Onanuga, stated that Lagos appreciated the retirees’ service to the state and wished them well.

She made them understand that they were in a period of their lives, when they needed not engage in activities that would aggravate their health status.

“Apply wisdom in managing whatever you have,” she advised.

Onanuga educated the retirees on the moveby the National Pension Commission to fulfil the provision of the pension law on guaranteed minimum pension for life for retirees under the Programmed Withdrawal benefit option.

“It would be recalled that the annuity option offers pension for life for the annuitants,” it stated.