The Lagos State Governor, Mr. Akinwunmi Ambode has said that Lagos retirees should not put their retirement money into ventures they could not manage.
The Governor, who was represented by the Commissioner, Lagos State Ministry of Establishments, Training & Pensions; Dr. Akintola Benson, at the 41st Retirement Bond Certificate Presentation Ceremony held on Monday, 31st July, 2017 at the Office Premises, Ikeja Said the continuous payment of retiree’s entitlements was to ensure that retirees do not live in penury.
He said that in 24 months i.e. from August 2015 to July, 2017, the State Government through LASPEC has paid accrued pension rights in the sum of N29, 658.560 billion into the RSA of 6,982 retirees. This is aside from the mandatory 15% contributions which the Government remits monthly into the Retirement Savings Account of all the State employees.
The Director- General, LASPEC, Mrs. Folashade Onanuga reiterated the fact that the money being paid by the State Government to the retirees should not be used to commence projects (e.g. building a house) that cannot be completed. She also emphasised the importance of educating their children. “You will eat the fruits of your labour, but my prayer is that you will not depend on them for survival”, she said.
She further advised the retirees not to allow anyone force them into opting for a particular type of exit option, that is Programmed Withdrawal and Annuity, rather, they should think deeply over any type that will suit them before going for it.
The Agency in the month of July also released Insured death benefit cheques amounting to over N30 million to 24 beneficiaries/ Next of Kin of deceased employees.
Lawal, B. A
Public Affairs Officer