The Lagos State Government has paid over N8.7 billion Accrued Pension Rights to 2,309 retirees of its public service between January and June, according to the Director-General of the State Pension Commission (LASPEC), Mr Babalola Obilana.
Obilana, who disclosed this in a statement, said that the accrued pension rights of the 2,309 retirees had been credited into their Retirement Savings Accounts (RSA).
The Director-General said that Lagos State remained exceptional in prompt payment of accrued pension rights to its retirees.
“The decision of Governor Babajide Sanwo-Olu is that accrued pension right should be paid timely.
“Over N978 million was credited into the Redemption Savings Account (RSA) of 405 retirees in June.
“In compliance with the COVID-19 protocols and in order to ensure safety of all beneficiaries, Retirement Bond Certificates presentation will not hold.
“All Retirement Bond Certificates for June have been released to Pension Fund Administrators (PFA’s) who will invite beneficiaries in their tens for the exit meeting.
“The PFAs will also grant access to their RSA for the computation of their lump sum and monthly pension,” Obilana said.
According to him, prompt payment of pensions and welfare of retirees remains the focus of LASPEC, and the government would continue to deliver tangible dividends of democracy to all and sundry in the State.