LASG Pays 1,768 Retirees N5bn for April

Rebecca Ejifoma 

The Lagos State Government, Thursday, paid accrued pension rights of N5 billion into the Retirement Savings Accounts (RSA) of 1,768 retirees for this month alongside their monthly contributions.

The state government paid the retirees at the 100th Retirement Bond Certificate Presentation Ceremony held in the Ikeja area of the state.

The Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, commended the state government for maintaining its leading role in the administration of the Contributory Pension Scheme (CPS) and the payment of pension obligations to retirees.

“The state government is truly grateful for your hard work and recognises the need to protect your retirement benefits,” she added. 

She described the state as a consistent high flier in the pension industry, with over N50.7 billion paid to 13,928 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 to date. 

According to Ponnle, their vision is to have a dynamic, efficient and effective workforce to pilot the agenda of a ‘Greater Lagos’. “The safe retirement and welfare of our officers is a major priority in actualising this goal.”

She, therefore, thanked the governor for his unwavering commitment. “This administration, through the Lagos State Pension Commission (LASPEC), frequently collaborates with Policy Makers and Stakeholders in the industry to strengthen the governance, management and effectiveness of the CPS in the state.”

The commissioner added that the state is working on 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.”
 
While reminding the pensioners of the available investment options, he implored them to contact the LASPEC or the Ministry of Establishments, Training and Pensions for questions or clarifications regarding the modalities surrounding their retirement benefits matters.

The Director-General of LASPEC, Mr Babalola Obilana, acknowledged that the governor had shown outstanding commitment by prioritising the welfare of the public service workforce even in retirement. “His administration has initiated various programs to secure the financial freedom of our senior citizens.”

He, therefore, urged the retirees to take excellent care of themselves. “Please remember health is wealth. Be prudent with your expenses, and I pray God grants you long life and good health to enjoy your retirement life.”