Lagos pays N895.522m to 256 retirees

Lagos pays N895.522m to 256 retirees

Lagos pays N895.522m to 256 retirees

The Lagos State Government has paid the sum of N895.52bn to 256 retirees for the month of June, the state pension commission has said.

It said the beneficiaries, issued retirement bond certificates for the amount, were from the mainstream civil service, local governments, the state Universal Basic Education and other parastatals of government.

A statement by the commission on Sunday said the Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, made the disclosure at the presentation of the 28th retirement benefit bond certificates to the beneficiaries in Lagos.

She said that the state government commenced the monthly payment of terminal entitlements in August, 2015, adding that in the last 11 months, a total of N15.44bn had been paid to 3,600 retirees.

She stated that the commission, on behalf of the Lagos State Government was working towards a pension structure that would ensure the commencement of pension payment not later than four weeks after retirement.

“Paying retirees from month to month is part of the agenda for a new Lagos,” she said.

Onanuga assured the retirees that the backlog of pensions and retirement benefits of the state’s retirees would be cleared.

She said the state government would still monitor the welfare of retirees from the state’s civil service despite the fact that payment of their monthly pension had become the responsibility of the Pension Fund Administrators or annuity service providers.

It stated that an interactive platform between the state and the retirees had been scheduled to take place in the third quarter of the year.

“Do not hesitate to report any PFA that is not treating you accordingly,” she stated.

Onanuga urgred the retirees to study carefully the flyers on the key features of the pension benefit options: programmed withdrawal and life annuity, under the Contributory Pension Scheme, before making their decisions.

She emphasised that the commission made the flyers available to enable them to have a full understanding of the two modes of receipt of pension entitlements.

The director-general urged the retirees to be wary of pension fraudsters who have devised various means of extorting retirees.

She advised them to spend wisely and should not engage in extravagant spending.

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