259 retirees benefit over N1b accrued pension rights

The Lagos State government has made the payment of over N1 billion as accrued pension rights of 259 retirees for July.

Mr Babalola Obilana, the Director-General of the Lagos State Pension Commission (LASPEC), stated that the government from the formation of the Contributory Pensions Scheme (CPS) has complied with the financial obligations of the scheme.

He made the statement during a meeting with the Pension Fund Administrators and insurance firms at Alausa, Ikeja, yesterday, August 11, 2020.

Mr Obilana further explained that the compliance was in relation to the monthly funding of the Retirement Savings Accounts (RSA) of employees and the payment of death benefits to the next-of-kin of employees who died in active service.

According to him, Governor Babajide Sanwo-Olu would not relent on his promise to remit accrued pension rights into the RSA of employees monthly in spite of the financial challenges the state might face.

Obilana said he could assure on behalf of the governor because of his commitment to the welfare of the state’s serving and retired workforce.

He promised to monitor the monthly payments by parastatals and agencies through the Compliance Inspection.

Obilana said this was to ensure that monthly deductions from salaries and employers’ contributions are remitted into the employees’ RSA.

The director-general also urged the Pension Service Providers to improve on their services to retirees and ensure prompt payment and release of Retirement Bond Certificates to the beneficiaries monthly.