Lagos pays N891m to 324 retirees

LAGOS State government said it has again paid the sum of N891 million to 324 retirees from the mainstream Civil Service, Local Governments (LGs), State Universal Basic Education and other parastatals for the month of July, 2016.

Director-General, State Pension Commission (LASPEC), Mrs Folashade Onanuga, disclosed this while speaking at the 29th Retirement Benefit Bond presentation ceremony, urging the beneficiaries to use the lump sum payment by their respective Pension Fund Administrator judiciously.

Onanuga emphasised that the state government had fulfilled her own part of paying the retirees’ entitlements and that it was now left for the Pension Fund Administrators/Annuity Service Providers to fulfill their part of the arrangement by ensuring that monthly payment to retirees were made.

The Director-General of LASPEC, while reiterating that the commission would continue to monitor the activities of pension operators to guarantee that they continued to fulfill their obligations to the state retirees, implored beneficiaries to seek professional advice when making an investment decision with their payment.

It will be recalled that the sum of N16,336,552 billion had already been paid to 3,924 retirees by the Lagos State government as accrued pension rights through LASPEC from August 2015 to July, 2016.