The Lagos state Governor, Mr. Akinwunmi Ambode has continued the payment of retirees’ entitlements by paying another set of 148 retirees drawn from the Mainstream Civil Service, Local Governments and State Universal Basic Education Board (SUBEB), Teachers Establishments and Pensions Office (TEPO) and other parastatals of Government. The sum of N597 million being accrued pension rights was credited into the Retirement Savings Account of the retirees.
Ambode’s administration has been able to pay the total sum of N24, 426 billion as accrued pension rights to 5,668 retirees under the Contributory Pension Scheme, since August, 2015.
Speaking at the presentation of Retirement Benefit Bond Certificates to the 35th batch of Contributory pension Scheme retirees, which happened to be the first in the year, on Monday January 30 and Tuesday 31st, 2017 at the Office complex, NECA House, CBD, Ikeja, Lagos, the Director-General, Mrs. Folashade Onanuga reiterated the Governor’s desire to see retirees enjoy their lives out of Office without stress. She advised them to be extremely careful so as not to fall victims of scammers.
She was very quick to inform the retirees that the window is now open for those that would prefer Life Annuity services, for receipt of their monthly pension and that their Pension Fund Administrators (PFA) will now transfer the premium for the life annuity services to Pension Fund Custodians (PFC) appointed by the life Insurance companies. In the last two months, only Programmed Withdrawal benefit option was tenable.
Also, a legal practitioner and expert on “Will Writing”, Mrs. Yetunde Fawehinmi was invited to enlighten the retirees on the importance of Will writing, so as not to give room for “chaos” when they have departed this world. According to her: “death is a necessary end, whether you like it or not. It is very important to document how you would like your belongings to be shared. If you don’t, it is the government that will do it for you, in case there is rancour among those you left behind concerning your estate”
The retirees appreciated the Governor for his continuity on payment of accrued Pension Rights and prayed for the management of Lagos State Pension Commission (LASPEC).
Lawal, B. A. (Mrs.)
Public Affairs Unit