The Lagos State Government has released N795 million in September to settle part of the retirees’ accrued pension entitlements.
The Lagos State Pension Commission (LASPEC) stated on Sunday that the payment was for 213 Public Service Retirees under the Contributory Pension Scheme (CPS) in the state, while confirming also that 9,804 retirees have had their accrued pension rights of N40.245 billion paid.
The commission disclosed that the N40.245 billion had been paid into their Retirement Savings Accounts (RSA) of the beneficiaries from inception of the governor’s administration till date.
The LASPEC Director General, Mrs Folashade Onanuga said: “Funds are released monthly into the RSA of employees, and also the accrued rights are gradually being cleared.”
The commission hinted also that there was an initiative by the National Pension Commission (PenCom) to execute the Pension Law on guaranteed Minimum Pension for life.
According to the commission, “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.”