The Lagos State Government has paid another batch of 213 Public Service retirees under the Contributory Pension Scheme (CPS) N795 million as accrued pension rights for September.
The Commissioner, Ministry of Establishments Training and Pensions, Dr. Akintola Benson, stated this at the 55th Retirement Benefit Bond Certificate Presentation in Lagos.
He said 9,804 retirees have had accrued pension rights of N40.245 billion paid into their Retirement Savings Accounts (RSA) from inception of the Governor Akinwunmi Ambode-led administration till date.
He reiterated that despite the huge funding obligations of the CPS, the governor was committed to the well-being of pensioners in retirement.
For this reason, funds are released monthly into employees’ RSA account while accrued rights of retirees are paid to enable them have access to their RSA, he added.
LASPEC Director-General, Mrs. Folasade Onanuga, appreciated the retirees’ service to the state.
She informed the retirees that they are in the ‘evening’ time when they need not engage in activities that will aggravate their health status.
She urged them to apply wisdom in managing whatever they have.
Mrs. Onanuga also enlightened the retirees on the move by the National Pension Commission to fulfil the provision of the Pension Law on guaranteed minimum pension for life for retirees under the Programmed Withdrawal benefit option.
She said the annuity option offers pension for life for the annuitants.