The Lagos State Government released N515 Million as benefits to the State’s retirees, just as it advised them not invest their retirement benefits in unprofitable ventures or businesses that they could not manage.
The State Commissioner for the Ministry of Establishments, Training & Pensions, Dr. Akintola Benson, who represented Governor Akinwunmi Ambode at the 41st Retirement Bond Certificate Presentation ceremony held at Ikeja on Monday, said the continuous payment of retiree’s entitlements was to ensure that retirees were not deprived of their benefits in retirement.
He said that in past 24 months (August 2015 to July, 2017), the State Government has, through Lagos State Pension Commission, LASPEC, has paid accrued pension rights in excess of N29 billion into the Retirement Savings Account (RSA) of 6,982 retirees, adding that the amount excludes the mandatory 15% contributions which the Government remits monthly into the Retirement Savings Account of all the State-employees.
The Director- General, LASPEC, Mrs Folashade Onanuga reiterated that the money being paid by the State Government to the retirees should not be used to commence projects (e.g. building a house) that cannot be completed.
She advised the retirees not to allow anyone force them into opting for a particular type of exit option between Programmed Withdrawal and Annuity, rather, they should think deeply about any type that will suit their needs before taking a decision.
The Agency in the month of July also released insured death benefit cheques amounting to over N30 million to 24 beneficiaries/ Next of Kin of deceased employees.