Lagos pays N1.3bn for October release of Accrued rights – PensionNigeria

Lagos pays N1.3bn for October release of Accrued rights

Lagos State Government has paid N1.3 billion into the Retirement Savings Account (RSAs) of 246 retirees in the state’s public service for October 2020. This was disclosed by Mr Babalola Obilana, Director General, Lagos State Pension Commission (LASPEC), in a statement on Sunday.

Mr Obilana explained that the beneficiaries, included employees from the mainstream service, Local Government Service, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals of the state government.

According to him, Gov. Babajide Sanwo-Olu has consistently paid the monthly entitlements of retirees and backlog of some unpaid pension inherited from previous administrations.

Mr Obilana said that in spite of the state of the nation and aftermath of the global COVID-19 pandemic, the state government in line with the vision of a greater Lagos and its commitment to financial freedom for the state’s retirees, ensured the payment of pension entitlements. “This shows the commitment of Gov. Sanwo-Olu to the welfare of the pensioners in the state,” he said.

The director-general congratulated all the retirees for rendering meritorious service to the state. He also enlightened the retirees on the two payment options available for accessing their monthly pension entitlements which is the Programme Withdrawal and Life Annuity. He urged the retirees to understand the details of the two options and choose the most appropriate option suitable for their situation.

Lagos State has some outstanding accrued rights payments as disclosed in the PenCom reports for status of States as at 30 September 2020. Lagos state however did not disclose the actual month and year that the retirees who received their accrued rights in October 2020 retired.

Read more about Lagos State Pension News here

Also Read Status of Implementation of CPS in States as at September 2020

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