3rd November, 2010
Lagos State government has issued over N1 billion retirement bond certificates to over 100 statutorily retired employees, making it the first state in Nigeria to implement the new Pension Reform Act.
Speaking at the event, held at the Adeyemi Bero auditorium, Alausa, Ikeja, the Director-General of the National Pension Commission, NPC, Mr. Muhammed Ahmad, hailed the state government for resolving the problem of pensioners.
He praised Governor Babatunde Raji Fashola and the Lagos State Pension Commission, LASPEC, for the feat.
â€œThe conscious efforts of the state government to resolve the pension imbroglio is highly appreciated, likewise the free will given to LASPEC to operate is commendable. Not even at the federal level will such happen,â€ he said.
Fashola, who was represented by the Head of Service, Prince Adesegun Ogunlewe, said the bond will be redeemed immediately.
He said the presentation of the bond certificates will finally resolve the apprehension of retirees, adding that it will drastically reduce, if not totally, remove the stress that pensioners go through while trying to receive their entitlements.
â€œThe benefits will be duly honoured and paid as and when due. The recipients will now have complete control over their retirement savings account as their letter of clearance have been forwarded to their respective Pension Fund Administrators.
â€œWe expect the appointed Pension Fund Administrators to ensure that bottlenecks that may militate against the prompt release of approvals for payment of entitlement for regular contributors are drastically reduced, if not completely eliminated,â€ he said.