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Lagos pays N45bn pension


IKEJA—The Lagos State Government has released N45 billion into the state Contributory Pension Scheme within the last two years even as 464 retired employees of the State’s public service, yesterday, received retirement bond certificates worth N2.8 billion.

Gov.  Babatunde Fashola, presenting the bond certificates to the retirees, which were the sixth batch since commencement in October 2010, said the government had ensured that retirees under the old pay-as-you go pension will continue to receive their pension entitlements when due.

Fashola, represented by the Head of Service,   Adesegun Ogunlewe, said: “The state had established a fully-automated pension commission is the only state to issue retirement benefit bond redemption certificates and the only state  that has committed almost N45 billion to the contributory pension scheme administration.

“In fact, the accrued pension rights of N2,788,368,394.27 under the pay-as-you-go scheme, have been paid into the accounts of today’s 464 retirees.

“You may now choose whether you want a programmed withdrawal provided by your pension fund administrators or an annuity for life provided by licensed insurance companies selected by the Lagos State Government after rigorous screening.”

Fashola, represented by the Head of Service, HOS, Adesegun Ogunlewe, stated that in October 2010, the government commenced the payment of accrued pension rights into the retirement savings accounts opened by public servants with their chosen Pension Fund Administrators, PFAs.

“Since then, we have credited the retirement savings account of 1,471 retirees with accrued pension rights of N7,544,922,856.70,” he said.


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