Lagos remits over N75bn employees’ pension rights in 8months

•    Disburses N1.9bn as Dec retirees’ RSA

LAGOS State government said it remitted over N75billion from April to November 2016, as total contributions to the Pension Fund Administrators (PFAs) being part of the mandatory Contributory Pension Scheme (CPS).

Also, the state government said it has disbursed the sum of N1.9 billion into the Retirement Savings Accounts (RSAs), of 495 of its employees for the month of December.

The state’s Commissioner for Establishment, Training and Pensions, Dr Akintola Oke, disclosed this at the weekend during the presentation of Retirement Benefit Bond Certificates to the 34th Batch of retirees from the state’s public service.

Speaking at the event organised by Lagos State Pension Commission (LASPEC), at Alausa, Ikeja, the commissioner stressed that seeking comfort of people at old age was what led to the state’s subscription to the CPS.

He said it was the same concern that led the state government to give priority to payment of the state’s monthly contribution into the RSA for public servants was given the same priority as that of payment of salaries.

“To our aged citizens, this government is reassuring that your wellbeing will continue to enjoy a prominent place in the policies and programmes of the state government.

“As at November, 2016 the total contribution remitted to PFAs from April, 2007 to date is over N75 billion.”

Oke continued: “Today, the sum of N1.9 billion will be credited into 495 retirees’ RSAs. In essence, Lagos State government’s funding of employees pension rights under CPS in a period of nine years is approximately N132,841 billion,” he said.

“Apart from this, a pension sinking fund was also created, which is funded monthly to ensure that funds are available for unforeseen pension liabilities that may arise where more than those projected to leave service voluntarily choose to do so,” Oke added.

In her address, Director General of LASPEC, Mrs Folashade Onanuga, disclosed that presently, only programmed withdrawal benefit option was tenable pending the time, that Life Insurance Companies would open operational account jointly with a (Pension Fund Custodians PFCs) in order to secure the pension funds for the payment of annuity entitlements to beneficiaries.

While expressing assurances of the state government to continue to play a leadership role in the implementation of the CPS in Nigeria, Onanuga, urged beneficiaries to be prudent in their finance by investing in lucrative ventures and avoid spending on frivolities.

“Do not desire quick gains that would make you fall victims of fraudsters, bearing in mind the economic situation of the country,” she warned.