Lagos State government retirees get N1.05bn pension accrued rights

Lagos State governor, Akinwunmi Ambode


Lagos State Governor, Akinwunmi Ambode, as part of the 50th anniversary of the state, released about N1.05 billion to pay accrued pension rights of retirees under the Contributory Pension Scheme (CPS) in its Public Service including Local Government Councils, and Local Government Development Authorities.

According to the Governor, employees who had served and are now retired deserved to be specially recognised, and also be a part of the Lagos at 50 celebrations, hence, the release of the fund to 241 retirees in the month of May.

Speaking at the 39th Retirement Benefit Bond Presentation Ceremony, the Director-General, Lagos State Pension Commission (LASPEC) Folashade Onanuga, advised the beneficiaries not to look for quick gains, as the higher the returns, the higher the risk.

“At the noon time of your life, you should not take risk that would aggravate your old age health challenges,” she advised.She also explained that although there are two options available for the receipt of the Pension entitlements – the Programmed Withdrawal, and life annuity options, for now, retirees who want to access their retirement savings account will only be able to draw from the Programmed Withdrawal module. This is because Pension and Insurance regulators of in Nigeria – PENCOM and NAICOM are yet to finetune the annuity options in the new dispensation.

“When all arrangements are completed, and the Annuity window is open, you can move, as the Programmed Withdrawal option is very flexible, adding, “Take good care of your health by going for comprehensive check-ups, eat healthy and desist from frivolous spending.”

The retirees in their response commented on the various activities embarked on by the Governor, and the good human relations exhibited by the staff of the Agency. They were particularly happy at the fact that despite the Governor’s busy schedule in developing Lagos, he was also interested in their wellbeing.

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Akinwunmi Ambode


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