Funding of employees’ pension rights under the Contributory Pension Scheme (CPS) in a period of 10 years is about N150 billion, Honorable Commissioner, Lagos State Ministry of Establishments, Training and Pensions, Dr. Akintola Benson Oke has said.
He said this at the 46th presentation of Retirement Benefit Bond Certificates to 286 retirees in Lagos, adding that, the sum of N1 billion will be credited into the Retirement Savings Account (RSA) of the 46th batch of retirees of the Contributory Pension Scheme.
According to him, in less than three years – August, 2015 to December, 2017, the state had paid accrued pension rights of N33 billion to 8,300 Retirees, stressing that accrued pension rights previously paid before the current administration (2010 to mid- 2015) amounts to N33, 645 billion for 7,409 retirees.
He said, since the commencement of the Retirement Benefit Bond Certificate Presentations in 2010, the State has paid accrued pension rights of over N66.5 billion to more than 15,709 retirees.
According to him, “The State Government is also very much committed to the regular contribution of the monthly deduction of 7.5% from the salary of every employee and the payment of the employer’s 7.5% contribution. As at November, 2017 the total contributions remitted to the PFAs from April, 2007 to date is about N83 billion.
In essence, the Lagos State Government’s funding of employees’ pension rights under the Contributory Pension Scheme in a period of 10 years is about N150 billion; and today, the sum of N1 billion will be credited into the Retirement Savings Account (RSA) of the 46th batch of retirees of the Contributory Pension Scheme (CPS),” he said.
Dr. Oke posited that with the commitment and performance, exhibited by the government, it is not surprising that retiring public officers in Lagos State now look forward to retirement with more confidence and joy.
He assured the retirees that the Lagos State Government through LASPEC will continue to ensure that public service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programs further and additional support and assistance that will add value to their lives in retirement.
Director-General of LASPEC, Mrs. Folashade Onanuga, said since the inception of the contributory pension Scheme in Nigeria, Lagos State has remained focused and resolute to the ideals of the scheme, stressing that resources have been deployed to ease pension administration in the current dispensation.
“Lagos state has consistently ensured that Pension contributions are given a first line charge treatment against the State’s consolidated revenue and we are happy to note that we are the only State Government in the Federation that does not owe monthly pension contributions. Both employee and employer’s contributions are remitted into individual employee’s Retirement Savings Account after salaries are received,” she said.
The Director General urged the retirees to take time to decide which payment option between the Programmed withdrawal and Life Annuity they would prefer before subscription.