Lagos Pays N45bn Accrued Rights to Retirees

• Lagos Pays N45bn Accrued Rights to Retirees

Lagos State government spent N45bn on payment for accrued rights of its retirees in the last 46 months.

The Director-General, Lagos State Pension Commission, Mrs Folashade Onanuga, disclosed this on Monday, during the 16th retirement benefit documentation seminar for employees in the Lagos State public service due to retire between July and December 2019.

She said, “It is with joy that I inform you that in the last 46 months, over N45bn had been expended as accrued rights on a total number of over 11,000 retirees from the public service. We were able to achieve this feat because accrued rights were paid monthly since August 2015 to date.”

Onanuga said that the seminar was to prepare the participants for their exit from active service, after having put in many years into the development of the state.

“Your transiting into another phase of life which is the evening time comes with its challenges as regards health, economy, and social status, among others. As a result, the importance of your being financially- independent cannot be underestimated.

“Hence, our resolve to prepare your minds that retirement is inevitable and should be looked forward to. I know you will be happy to put down your pen, if you are well informed of arrangement made by your employer for end of service benefits. Do not be afraid of what life out of paid employment holds. Be optimistic, prudent and contented.”

Onanuga added that the payment of the accrued pension rights was critical to the early processing of their terminal benefits by their Pension Fund Administrators.

She said that the main reason why the seminar held bi-annually was to help those about to retire to know what to do six months before retirement, which would go a long way to give them the necessary preparations.

According to her, the state had remained committed to doing its responsibility of regularly funding the employees’ Retirement Savings Accounts.

“Though, there are challenges of inadequate funding of pension obligations, you will agree with me that as long as regular funds are provided, the issue of backlog will be cleared,” Onanuga said.