The Lagos State Government has paid N1.78 billion to 354 retirees
being their accrued benefit for their service to the state prior to the
commencement of the Contributory Pension Scheme, CPS, in 2007.
at the 11th Retirement Bond Certificate presentation held at the NECA
Building, Ikeja, Lagos, Southwest Nigeria on Monday, Director-General,
Lagos State Pension Commission, LASPEC, Rotimi Hussain said the
presentation of the bond certificates to the retirees represented the
second tranche of bond presentation under the 11th Retirement Bond
He said the first tranche of N1.723 billion of the
11th batch of bond presentation was paid to 437 retirees majorly drawn
from the Local Government Areas and the State Universal Basic Education
Board, SUBEB, in April, 2014.
added that the benefits accruing to each of the beneficiaries had
already been remitted into their Retirement Savings Account, RSA, with
their respective Pension Fund Administrators, PFAs.
him, with the payment of this second and concluding tranche of the 11th
bond presentation, the government had paid N3.5 billion to 791 retirees
as at the 11th batch.
He disclosed that the present administration
had so far paid N24.4 billion to 4,636 retirees who retired from the
public service from inception of the CPS.
“With this second and
concluding tranche of the 11th batch therefore, the administration has
to date paid N26.2 billion to 4,990 beneficiaries. Our record shows that
the state has, from inception of the scheme to date, contributed N51.64
billion being the monthly deduction of 7.5 per cent from the salary of
every employee and the counterpart 7.5 per cent contribution by the
state government into the RSA of every employee with the PFAs.
achievement by the state government has further brought to the fore,
the benefit and advantages inherent in the CPS as against what was
obtainable under the Old Pay-As-You-Go Scheme,” he said.
advised the beneficiaries to be extremely conscious and careful when
deciding what to do after retirement, saying that “there are many
businesses out there but you need to have adequate knowledge about the
businesses before embarking on any. Be mindful of the fact that there
are some unscrupulous elements that might be waiting to lure you into a
business you do not know much about.”
Oluseyi Williams, Head of
Service, urged the beneficiaries to live within their means and not get
involved in any unfamiliar business which could make them fall victims
“Now that you have collected your bond certificate,
people will come with different feasibility studies or business ideas,
please look very well before you leap as we have heard some unpleasant
incidents, especially of people who were tricked and made to part with
all their lump sum and life savings,” she stated.