pension

April 4, 2022

LASG pays N38bn accrued pensions to 9,865 retirees in 3 years

Pension Funds: Pensioners beg State Govts to implement increment

THE Lagos State Government said it has paid nothing less than N38 billion as accrued pension rights to 9,865 retirees in the last three years.

Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, disclosed this at the presentation of bond certificates to the 92nd batch of retirees from the state‘s public service by the Lagos State Pension Commission, LASPEC, in Lagos.

Ponnle, represented by the Permanent Secretary in the Civil Service Pensions Office, Mrs Bandele Fadipe, said the retirees were from the Mainstream, Local Government, State Universal Basic Board, SUBEB, Teaching Service Commission, TESCOM and other parastatals of the state’s public service.

She said the state, in adherence to its responsibility, had also credited the Retirement Savings Accounts, RSAs of 515 retirees, alongside their monthly contributions with N1.520 billion for the month of March.

 According to the commissioner, this was their past service benefits prior to the starting of the Contributory Pension Scheme, CPS, in 2007, saying: “The state government recognises the plights of our estimable workers who had served in its public service and the need to safeguard their financial security after service. This administration has continually prioritised the prompt payment of government’s pension obligations within the available limited resources.

“Despite huge liabilities, we have promptly paid the pension entitlements of retirees under the Pay-As-You-Go Pension Scheme monthly while LASPEC ensures payment of accrued pension rights to retirees under the CPS, so our retirees can access their RSAs without delay.”

 The commissioner assured that the welfare and wellbeing of the retirees were top-priority of the Governor  Babajide Sanwo-Olu-led administration and that the state government would not relent in its pursuit to improve retirement life.

In his address, the Director-General of LASPEC, Mr. Babalola Obilana, said the efforts of the present administration under Governor Sanwo-Olu toward the success of the CPS could not be overemphasised.

Obilana noted that the state had consistently been implementing the CPS since its inception in line with the provisions of the Lagos State Pension Reform Law of 19th March, 2007, now amended.

He said: “The state government in a bid to secure the future  of the public service which is its greatest asset, has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos State is fully compliant with the statutory requirements of the CPS.

“Both employees and employer’s contributions are remitted promptly into individual employee’s RSAs after salaries must have been received.

“Despite rising recurrent expenditure and the current economic climate, the state government has made continuous monthly payments a priority to ensure retirees access their retirement benefits as soon as possible.”

According to him: “LASPEC also constantly reviews its business processes to ensure first class service delivery to the retirees and accomplishes the governor’s goal of the immediate payment of pension entitlements upon retirement from the public service.”