Lagos Releases N895. 522 million to pay 256 Retirees

Retirees at the 28th Retirement Benefit Bond Certificate Presentation Ceremony.
Retirees at the 28th Retirement Benefit Bond Certificate Presentation Ceremony.

The Lagos State Pension Commission has issued another set of Retirement Benefit Bond Certificates for a total sum of N895. 522 million to retirees from the Mainstream civil Service, Local Governments, State Universal Basic Education, and other Parastatals of government for the Month of June, 2016.

Speaking at the 28th Retirement Benefit Bond Certificate Presentation Ceremony, which took place at the Office Premises on Thursday, 30th June to Friday, July 1, 2016, the Director-General, Mrs. Folashade Onanuga stated that the State Government commenced monthly payment of terminal entitlements in August, 2015 and in the last 11 months, a total sum of N15.445.552 billion had been paid to 3,600 retirees. She made it clear that the Commission, on behalf of the Lagos State Government is inching towards a Pension structure that will ensure commencement of Pension payment not later than 4 weeks after retirement. Paying retirees from month to month is part of the Agenda for ‘a new Lagos’, she said.

However, existing backlog must be cleared

Also, she made it clear that, Government would still monitor the welfare of retirees from the State’s Service despite the fact that payment of their monthly pension is now the responsibility of the Pension Fund Administrators or Annuity Service providers.

An interactive platform between the State and the retirees is scheduled to take place in the 3rd quarter of the year.

“Do not hesitate to report any Pension Fund Administrators (PFA) that is not treating you accordingly”, she emphasised.

Speaking further, she implored 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 they make their decision.  She emphasised that the Commission made the flyers available to enable them have a full understanding of the 2 modes of receipt of Pension entitlements.

On the need to be careful, she drew the attention of the recipients to the fact that Pension fraudsters are on the prowl as she always does, she said they have devised various means of extorting money from retirees. She stated that only the greedy will be cornerd. She advised them to spend wisely and not engage in extravagant spending.

Appreciating the Governor of Lagos State for his compassion, one of the retirees, Mrs Omowunmi Fagbohunlu on behalf of others, thanked him and his team for understanding the plight of the Pensioners and prayed that God, continue to guide them right.

 

Lawal, B. A. (Mrs.)

Public Affairs Unit