333 Lagos retirees get N1.5bn Pension Entitlement in October 2016

333 Lagos retirees get N1.5bn Pension Entitlement in October 2016

UBA personal banking

The Lagos State Government has paid N1.5 billion pension entitlement, for the month of October, 2016, to 333 retirees in the state.

The beneficiaries are retirees from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishment and Pensions Office (TEPO) and other parastatals of state government.

The Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, while addressing the beneficiaries in Alausa, Ikeja, Lagos, said since monthly payment of accrued pension rights started in August, 2015, the Governor Akinwunmi Ambode-led government has paid N20.98 billion to 4,799 retirees under the Contributory Pension Scheme (CPS) in the last fifteen months.

She stated that the payment of accrued pension rights is structured in such a way that one does not need to know anyone before he or she could be paid.

She also advised them to put their money in ventures they can manage, and not one that will put their health in jeopardy.

Apart from the commitment to paying the entitlements of the retirees, she said the Governor of Lagos State, Mr. Akinwunmi Ambode, is also very much interested in the well-being of the retirees, and hence a day retirees’ interaction with the governor will be held soon.

This forum tagged ‘Retirees Day-Out with His Excellency’, according to her, will be the first of its kind in Lagos State as it would be the first outing to take place early in the new year.

“It is a sort of feedback mechanism that allows retirees to let government know their challenges and how the State government could intervene to assist retirees whenever they felt cheated by their Pension Fund Administrators (PFAs) and Annuity Service providers,” she pointed out.

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