Lagos Pays Retirees N1.157bn Pension

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By Omolabake Fasogbon

The Lagos State Government has said that it had paid an accrued pension right of N1.157 billion to 368 public service retirees.

The Director-General of Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, disclosed this while providing update on pension payments for the month of May, 2020.

The DG informed further that arrangements had been concluded to release all Bond Certificates for the month of May to Pension Fund Administrators (PFAs).

The PFAs are expected to invite beneficiaries in their tens for an exit meeting and grant access to their Redemption Savings Account (RSA) for the computation of their lump sum and monthly pension.

He said this was important in view of COVID-19 pandemic so as to ensure safety of beneficiaries.

He also assured retirees who were yet to collect their Bond Certificates, of due payment, stating that payments are being structured based on date of exit and grade level.

“They are neither forsaken nor forgotten. I urge you to be careful on how you invest your money, so that you can live a stress free life in your old age,” he said.

Obilana promised to improve on the foundation his predecessor had laid. He commended Governor Babatunde Sanwo-Olu for prompt payment of retirees’ entitlements.