LASG pays N38bn accrued pensions to 9,865 retirees in 3 years

The Lagos State Government (LASG) said on Wednesday that it had paid out no less than N38 billion as accrued pension rights to 9,865 retirees from May 2019 to date.

Said the Commissioner of Establishments, Training and Pensions, Mrs Ajibola Ponle, in the delivery of bonus certificates to the 92nd batch of retirees of the State Commission of Public Service Pensions (LASPEC) of the state in Lagos.

Ponnle, represented by Ms Bandele Fadipe, Permanent Secretary at the Civil Service Pension Office, said the retirees were from the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM ) and other Parastatals of the state Public Service.

He said that the state, in fulfilment of its responsibility, had also credited the Retirement Savings Accounts (RSA) of 515 retirees, along with their monthly contributions, to the tune of N1.520 billion for the month of March.

The commissioner said that these were his service benefits prior to the start of the Contributory Pension Scheme (CPS) in 2007.

The state government recognizes the plight of our esteemed workers who have served in their public service and the need to safeguard their official safety after service.

” This administration has continually prioritized the timely payment of government pension obligations within the limited resources available.

“Despite the huge liabilities, we have paid punctually the pension rights of retirees under the Pay As You Go Pension Plan on a monthly basis, while LASPEC guarantees the payment of accumulated pension rights to retirees under the CPS so that our retirees can access their RSAs without delay,” he said.

The commissioner assured them that the welfare of retirees was the highest priority of the administration led by Governor Babajide Sanwo-Olu and that the state government would not give up its quest to improve the lives of retirees.

“I wish you the best and advise you to embrace the joy and challenges of this new stage of life,” Ponnle said.

In his speech, Mr Babalola Obilana, Director General of LASPEC, said that the efforts of the current administration under Governor Sanwo-Olu towards the success of the CPS cannot be overstated.

Obilana pointed out that the state has been consistently implementing the CPS since its inception in accordance with the provisions of the Lagos State Pension Reform Law of March 19, 2007, now amended.

The state government, in a bid to secure the future of the public service, which is its greatest asset, has consistently prioritized pension contributions in the annual state budget and we are pleased to note that Lagos State is fully compliant with legal requirements. of the CPS.

”Both employee and employer contributions are promptly remitted to individual employee RSAs after wages have been received.

“Despite rising recurring expenses and the current economic climate, the state government has made ongoing monthly payments a priority to ensure retirees access their retirement benefits as soon as possible,” he said.

According to him, LASPEC is also constantly reviewing its business processes to ensure it provides first-class service to retirees and achieves the Governor’s goal of prompt payment of pension rights upon retirement from public service.

Obilana thanked the continued support of her stakeholders, the AFPs and ASPs for their tireless efforts toward the success of the CPS.

“Please beware of any person or association that claims to be affiliated with the state government and can process or accelerate your pension rights for a fee,” warned the director-general.