Lagos Pays N684m Pension Benefits To 218 Retirees
The Governor of Lagos State, Mr. Akinwunmi Ambode has released the sum of N684 million to pay accrued pension rights to 218 retirees 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 under the Contributory Pension Scheme(CPS).
The amount is the pension benefits of benefiting retirees for the month of June, 2017. Addressing retirees at the 40th Retirement Benefit Bond Certificate Presentation ceremony in Ikeja, Lagos, the Director-General, Lagos State Pension Commission(LASPEC), Mrs. Folashade Onanuga, stated that the retirees, having contributed their quota to the development of Lagos State, deserves to be treated like elder statesmen with the right to receive their pension early as active workers also receive their salaries on time.
She implored the beneficiaries to tread softly. “Maintain a low profile”, she admonished, “eat healthy and exercise well as this is what your body needs. Let moderation be your watchword”, she advised.
Explaining that there are two options available for recipients of monthly pension entitlements, which are; the Programmed Withdrawal and Life Annuity Options, she said only few insurance companies have received the National Pension Commission(PenCom)’s nod to transact Annuity business.
However, she said, though Leadway Assurance Plc, FBN Insurance Custodian Life and ARM Life have gotten approval, only Leadway Assurance & ARM Life are, for now, given approval to provide Annuity services for Lagos State Government retirees.
Meanwhile, LASPEC was recognised as the ‘Best Public sector Pension Administrator in West Africa’ by the West Africa Innovation Awards 2017 held on Thursday, 29th, June 2017 in Abuja.
