THE Lagos State Government has paid over N42 billion as Accrued Pension Rights to 11,349 retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals of the state government from May 2019 till date, the Commissioner for Establishments, Training and Pensions, Mrs. Ajibola Ponnle, has said.
She spoke during the presentation of bond certificates of N1.5 billion to another set of 487 retirees alongside their monthly contributions at the 95th Retirement Bond Certificate Presentation to retirees of the Lagos State Public Service in Lagos.
Mrs Ponnle, who said the cash had been credited into the Retirement Savings Accounts (RSAs of the beneficiaries, advised them to embrace the joy and challenges of their new life. ‘’Please practise a healthy lifestyle and be prudent,’’ she said.
She noted that the Governor, Babajide Sanwo-Olu was mindful of the welfare of retirees, adding that the prompt payment of pensions under the Defined Benefits and the Contributory Pension schemes (CPS) is a priority for the administration.
She also said they review their policies to maintain their role as the leader in pension benefits payment in the country.
"At present, we are working on various reforms that would have significant impact on the welfare of retirees in the state,’’ she added.
The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, said though the state government has implemented the CPS since its inception in line with the provisions of the Lagos State Pension Reform Law of March 19, 2007 amended, they had not forgotten the officers on the Defined Benefit Scheme (DBS).
He said the employee and employer’s contributions were remitted promptly into the former RSAs in spite of the economic challenges.
He said: “Lagos State is a high flyer and has received several awards for exceptional performance in the payment of retirement obligations. Recently, the National Pension Commission released the status of implementation of the CPS, which showed that Lagos is leading the pack in the pension industry.
“LASPEC is fervently working towards the immediate payment of pension entitlements at retirement from the Public Service. We are reviewing our business processes to ensure optimal service delivery to our retirees.“The Commission has noted with concern, various individuals and associations fraudulently parading as agents of the state with claims to fast-track the payment of retirement benefits at a fee. Please note that the LASPEC is the only entity endorsed by the state government to process the payment of retirement benefits. Also, note that no officer in LASPEC will ask you for money to process your payments.”
Obilana said they have, however, observed that some pensioners have transferred their RSAs to PFAs or ASPs not regulated by the state government. He noted that LASPEC has limited control over these institutions and would be unable to mediate on their behalf, if unfavourable situations arose.
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