241 Lagos Retirees Get N1.05bn Pension Rights

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By ROYAL IBEH

The Lagos State government has paid 241 retirees the sum of N1.05 billion as their accrued pension rights for the month of May, 2017, under the Contributory Pension Scheme (CPS) in the State’s civil service.

The state governor, Akinwunmi Ambode said, the beneficiaries are retirees from Lagos civil service, including Local Government Councils and Local Government Development Authorities.

Ambode said employees who have served and are now retired deserve to be specially recognised and also be in the celebration mood for the Lagos at 50 celebrations.


In the same vein, the Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, advised the beneficiaries not to look for quick gains, as the higher the returns, the higher the risk.

Onanuga said, ‘at the noon time of your life, you should not take risk that would aggravate your old age health challenges.’


She pointed out that even though there are two options available for receipt of pension entitlements, that is, Programmed Withdrawal and Life Annuity options, retirees who want to access their Retirement Savings Account (RSAs) will only be able to draw pension under the Programmed Withdrawal window.

“This was because the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) are yet to fine tune the annuity option under the new arrangement. When all arrangements are completed, and the Annuity window is open, you can move, as the Programmed Withdrawal option is very flexible,” she added.

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