CPS: Lagos Remits N78.592 Billion into Workers’ RSAs

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Ebere Nwoji
The Lagos State Government said it has remitted a total of N78.592 billion monthly contributions of its workers into their Retirement Savings Account (RSAs).
It said the above amount was remitted to its employees’ RSA account with 10 Pension Fund Administrators (PFAs) as at March, 2017.

The state governor, Akinwumi Ambode, made this known at the presentation of Retirement Benefit Bond Certificates to the 38th batch of retirees from the Lagos state public service recently.

Represented by the Commissioner, Lagos State Ministry of Establishments, Training and Pensions, Dr. Akintola Benson, Ambode said that his administration was committed to meeting pension funding obligations.
Benson, on behalf of the governor, stated that a total number of 311 retirees who received bond certificates at the event, will have their accounts credited with accrued pension rights of N1.6 billion, made up of gratuity and pension benefits under the Defined Benefit scheme for employees, who transited into the Defined Contributory Scheme.

Furthermore, he said that the state has also been consistent in setting aside funds for the payment of accrued rights as provided for in the Pension Reform Law such that it has paid accrued pension rights of about N61 billion since the commencement of the Retirement Benefit Bond Certificate Presentations in 2010.

He said: “Indeed, on this occasion of the 38th presentation of Retirement Benefit Bond Certificates to retirees under the Contributory Pension Scheme created by Section 3 of the Lagos State Contributory Pension Scheme (CPS) law of 2007, it is important to state that the vehicle for demonstrating this commitment, has been the Lagos State Pension Commission (LASPEC) which was established as a corporate entity to regulate, supervise and ensure the effective administration of pension matters in the Lagos State Public Service.

“Let me assure you that the state government, through LASPEC,will continue to ensure that public service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes additional support and assistance that will add value to their lives in retirement. Our retirees can take joy in the fact that they are not, and will not be left behind in the scheme of things by the Lagos State Government under Governor Ambode.”

He urged the retirees, who have all served in various capacities and sectors to make the right choices that will enable the attainment of financial comfort during retirement.
Also speaking at the event, LASPEC Director-General, Mrs. Folashade Onanuga added that the state government, has paid N27.41 billion accrued pension rights into the RSAs of 6,267 retirees.

“In a period of less than 2 years, from August 2015 to April, 2017, LASPEC has paid accrued pension rights in the sum of N27,409.560 billion into the RSA of 6,267 retirees. Accrued pension rights previously paid before the current administration amounts to N33, 645 billion to 7,409 retirees”, she stated.

She recalled that since the commencement of the Retirement Benefit Bond Certificate Presentations in 20 I 0, over 13,676 retirees and withdrawn staff, have benefited about N61,422.560billion from accrued pension rights from the State Government.
According to her, in addition, the state government, through the commission, has paid to named beneficiaries of deceased employees, insurance benefit of N12.5 million for month of April. This she said, brought the total of death benefits paid to N 182.5million from August 20 15 to date.

She explained that the insured death benefit is by Law to be paid to named beneficiaries to alleviate the immediate needs of the family members of a deceased person. LASPEC, she further stated, has continued to attend to matters affecting retirees with great passion and has not relented in working out modalities that would allow her serve the retirees better in the nearest future: