Lagos pays N943m pension to retirees

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Lagos State Government has pre­sented Retirement Bond Certificates worth N943,146,034.49 (Nine Hun­dred and Forty-Three Million, One Hundred and Forty-Six Thousand, Thirty-Four Naira, Forty-Nine Na­ira) to retirees under the Contribu­tory Pension Scheme in line with its avowed commitment to making life better for its former employees.

The Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain, who made the presentation on behalf of Governor Babatunde Fashola, at the National Employers’ Consultative Associa­tion, NECA auditorium, during a mini-retirement Bond Certificates presentation ceremony to about 200 retirees who were mainly drawn from the Local Government Service, said the money had been remitted into the Retirement Savings Ac­count of all the beneficiaries of the Bond.

Hussain reiterated that the State Government has continued to show great commitment to the welfare of its workers and retirees as well, adding that the Government had as at the 8th Retirement Bond presentation ceremony ensured the payment of a total sum of N18, 031,148,931.06k (Eighteen Billion, Thirty-One Million, One Hundred and Forty-Eight Thousand, Nine Hundred and Thirty-One Naira, Six Kobo) to 3,304 retirees. The feat, he said, is yet to be equaled by any other State in Nigeria.

While describing the retirees as very special people, Hussain noted

that the Commission specifically organised the Mini-Bond presenta­tion ceremony in order to assuage the troubles they have gone through when their files were delayed at the Local Government, adding that plans are on-going for the presenta­tion of Bond to the 9th batch of re­tirees under the Contributory Pen­sion Scheme in Lagos State.

The Director-General advised the retirees that after the bond presen­

In

tation, they should proceed imme­diately to their PFAs with a view to completing necessary documenta­tion.

According to him, “All you need to do after this event is to approach your respective Pension Fund Ad­ministrators, PFAs, to begin the nec­essary procedures or documentation of accessing your retirement bene­fits. The PFAs are very much around and are ever willing to guide you fur­

ther on any grey area you might still be having challenges with”.

He therefore advised the retirees to think carefully about their individual personal circumstances in choosing their preferred option of either the Programmed Withdrawal provided by the PFAs or the annuity provided by the insurance companies in ac­cessing their benefits and assured them that they would not regret any of the option they decide to choose