By Victor Ahiumayoung

NO fewer than 9,804 La-gos State pensioners have been paid their accrued pension rights of N40,245 billion, the Lagos State Pension Commission, LASPEC, has confirmed.

A cross section of pensioners

According to the commission, the N40, 245 billion has been paid into their Retirement Savings Accounts, RSA,   since the beginning of the current administration till date.

This came as the government released N795 million in September to settle part of the accrued pension rights of its pensioners.

LASPEC in a statement by its Director-General, Mrs Folashade Onanuga, said the release was in fulfillment of monthly pension settlement embarked on by Gov. Akinwunmi Ambode.

According to LASPEC, the fund was released for 213 Public Service Retirees under the Contributory Pension Scheme, CPS, in the state.

“His Excellency has remained committed to pensioners’ welfare in spite the huge funding obligations facing the administration. For this reason, funds are released monthly into the RSA of employees, and also the accrued rights are gradually being cleared.”

The commission also said there was a move by the National Pension Commission to execute the Pension Law on guaranteed Minimum Pension for life. The law will be executed for retirees under the Programmed Withdrawal benefit option as it will be recalled that the annuity option offers pension for life for the annuitants.”