Lagos State Government pays N597m to 148 retirees

The Guardian reports that the Lagos State government has paid a total sum of N597m to 148 retirees from the civil service, Local governments, state universal basic education board (SUBEB), Teachers Establishments and Pensions Office (TEPO) and other government agencies and parastatals. This latest payment means the administration of Governor Ambode has so far paid the total sum of N24,426 billion as accrued pension to 5,668 retirees under the Contributory Pension Scheme (CPS).

Director General of Lagos State Pension Commission (LASPEC), Mrs Folashade Onanuga expressed Governor Ambode's resolve to assist all retirees after their service to have a better life. Mrs Folashade was speaking at the first 2017 presentation of retirement benefit bond to the 35th batch of contributory pension scheme retirees in Lagos state.

Mrs Folashade urged all the retirees to be very mindful of scammers, adding that any retiree interested in Life Annuity Services for payment of their monthly pension can register now.  She also informed them that Pension Fund Administrators (PFA) will now transfer the premium for the life annuity services to Pension Fund Custodians (PFC) appointed by the life insurance companies.

Mrs Yetunde Fawehinmi, a legal practitioner who was a guest speaker at the presentation advised the retirees on the importance of "Will Writing", asking them to make due preparations ahead of the inevitability of death. She said; “Death is a necessary end, whether you like it or not. It is very important to document how you would like your belongings to be shared. If you don’t, it is the government that will do it for you, in case there is rancour among those you left behind concerning your estate.”

The retirees expressed their gratitude to the Governor and the Lagos State Pension Commission (LASPEC) for the good work so far on the payment of accrued pension rights.