Lagos to pay retirees’ pension under CPS

The administration of His Excellency, Mr. Babatunde Raji Fashola (SAN), Governor of Lagos State, will pay the accrued retirement benefits of another batch of employees who retired from the State Public Service under the Contributory Pension Scheme next week Wednesday 12th February, 2014.

Director-General, Lagos State Pension Commission (LASPEC), Mr. Rotimi Adekunle Hussain disclosed this in a statement released by the Commission recently. He said that the retirees would be receiving their entitlements during the tenth Retirement Bond Certificates’ presentation ceremony, in Lagos.

The LASPEC boss who described the tenth Bond presentation ceremony as another turning-point in the history and administration of the Contributory Pension Scheme in the State and Nigeria in general, said that the ceremony started on a rather modest note.

He said, “What began like a dream with the historic event of the first presentation in October, 2010 when just 102 retirees were paid N412, 878,986.84k, has gloriously risen to a point where, as at the end of last year, a total number of 3,900 retirees have so far received a sum of N21, 492,107,232.77k (Twenty-One Billion, Four Hundred and Ninety-Two Million, One Hundred and Seven Thousand, Two Hundred and Thirty-Two Naira, Seventy-Seven Kobo) only, being their accrued rights of past services rendered for the state”.

While applauding the passion and commitment His Excellency, Mr. Babatunde Raji Fashola (SAN) placed on the Contributory Pension Scheme, which has culminated into the success so far recorded in the State, he said that the Governor had proven beyond every reasonable doubt that the interest and well-being of his employees during and after leaving service are uppermost in his heart.

He urged the retirees to make up their minds on which of the exit options they want to go for, saying the Commission had during the Pre-Retirement Seminars expatiated on the differences between the two exit options of the Programmed Withdrawal and the Annuity for Life.

He however assured the retirees that whichever of the options chosen, there is guaranteed maximum protection of their retirement benefits, adding that his Commission has confidence in the ability and capability of the six Pension Fund Administrators and the five Insurance Companies to serve the retirees adequately and satisfactorily.

The Director-General revealed that the Hon. Commissioner of Establishments, Training & Pension, Mrs. Florence Oguntuase; Head of Service, Mrs. Josephine Oluseyi Williams and the Chairman House of Assembly Committee on Establishments, Training & Pension, Hon. Omowunmi Olatunji-Edet, are expected to grace the occasion amongst other dignitaries.


Taofeek Lawal

Press & Public Relations Officer