The government of Lagos State has paid over N25bn into the Retirement Savings Accounts (RSA) of 5,819 retirees since the present government came into office.
Mrs Olubunmi Fabanwo, chairman Lagos State Civil Service Commission, who represented Governor Babajide Sanwo-Olu, at the presentation of the 81st Retirement Bond Certificate to 471 retirees that was held today, said that the public service retirees were from the mainstream, local government, state universal basic board (SUBEB), teaching service commission (TESCOM) and other parastatals of the state.
The Governor said he was happy to report that 5,819 retirees are enjoying their retirement benefits under the contributory pension scheme (CPS) in the past 18 months of his administration. Besides, over N2bn has also been paid into the respective RSA’s of 471 retirees through the Pension Fund Administration for the month of December.
Promising to run an inclusive government, Sanwo-Olu said the public service retirees will not only get what is due them but will also receive through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.
Commissioner for Establishment, training and pensions, Mrs. Ajibola Ponnle, said the government unbroken commitment is laudable; despite the global pandemic and the impact on the Nigerian economy “the state government has made continuous monthly payments of accrued pension rights into the RSA of retirees a priority to enable them have access to their retirement bond benefits.”
She said the government through the Lagos State Pension Commission will continue to justify the the award from the National Pension Commission as the best pension compliant state with outstanding service.
Director General LASPEC, Babalola Obilana, updated the retirees on the launch of the RSA Transfer System, which allows RSA holders to switch PFAs once a year if they are not satisfied with the services of their current PFAs. Besides making transfer possible , he said the transfer process “will engender competition and improve service delivery in the pension industry while asserting the rights of RSA holders to determine which PFA manages their pension contribution and retirements benefits.”
Obilana urged the stakeholders, PFAs, insurance companies to continue to work for the success of the CPS, and for the retirees to embrace healthy living.