Lagos govt. pays N5bn accrued pension, pledges safe retirement, welfare

The Lagos State Government on Thursday said that it had paid N5 billion retirement benefit to 1,768 retirees in April.

Mrs Ajibola Ponnle, Commissioner for Establishments, Training and Pensions, Lagos State stated this at the 100th Retirement Bond Certificate Presentation to the state’s civil service retirees, organised by the Lagos State Pension Commission (LASPEC) in Lagos.

Ponnle, represented by Mr Olawale Musa , Permanent Secretary, Ministry of Establishment, Trainings And Pension, said the accrued pension rights was paid into the Retirement Savings Accounts (RSAs) of the retirees, alongside their monthly contributions.

She noted that the state had been a consistent high flyer in the pension industry, with over N50.7 billion paid to 13,928 retirees from May 2019 till date.

According to her, the beneficiaries are in the Mainstream, local governments, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals of the state government.

Ponnle stated that one of the state government’s major priorities in actualising the vision for a ‘Greater Lagos’ was to provide a safe retirement and welfare for its staff.
She said this would be done through a dynamic, efficient and effective workforce that would pilot the agenda.

“We are currently working on some reforms based on global best practices to reduce post-retirement financial difficulties.

“We are committed to building an environment that is safe, secure and sustainable for all residents of Lagos State.

“Gov. Babajide Sanwo-Olu will continue to raise the bar of governance to improve livelihood and maintain the safety, peace and prosperity of everyone living in Lagos,” she said.

According to her, the 100th retirement bond presentation ceremony, since the inception of the Contributory Pension Scheme (CPS) in Lagos, was a special centenary festivity and a blessing for the state to have sustained the event this far.

Ponnle said that Lagos State had maintained its leading role in the administration of the CPS and payment of pension obligations to its retirees.
She said,” the state government is truly grateful for your hard work and recognises the need to protect your retirement benefits.
“Hence, Lagos State was one of the first states to implement the CPS, with an objective to ensure its workers receive income regularly in their retirement.

“I use this occasion to thank you all for the return of the governor for a second term of service to our great state.”

According to her, the administration of Gov. Sanwo-Olu through LASPEC collaborates frequently with policy makers and stakeholders in the industry, to strengthen the governance, management and effectiveness of CPS in the state.

The commissioner urged the pensioners to only seek advice from competent and reliable sources on the different options available for investing the funds in their retirement accounts.

She said: “Do not hesitate to contact LASPEC or even the Ministry of Establishments, Training and Pensions for questions or clarifications regarding the modalities surrounding your retirement benefit matters.

“I congratulate every retiree present and wish you all the best. I pray that God will give you good health to enjoy your benefits.