A total of 259 retirees of Lagos state were paid N1.13bn as accrued pension rights for the month of July, 2020.
The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, disclosed this at a recent meeting with Pension Fund Administrators (PFAs) and insurance companies.
Obilana who noted the unabridged compliance of Lagos to the monthly funding of the Retirement Savings Accounts of employees and the payment of death benefits to the next of kin of employees who die while in active service, said he was optimistic Governor, Babajide Sanwo-Olu, would not relent on his promise to remit accrued pension rights into the RSAs on monthly basis.
LASPEC DG promised to monitor the monthly payments by all state parastatals through Compliance Inspection Exercise to ensure monthly deductions from employees’ contributions were remitted into the respective RSAs of the employees.
Obilana also charged the pension service providers to improve on their service delivery to retirees at all times, and always ensure prompt payment of Retirement Bond Certificates released monthly to them for retirees.