25th November, 2014
The Lagos State Government on Tuesday paid N1.79 billion to 319 retirees from the State Public Service under the Contributory Pension Scheme, CPS.
Bond certificates were issued to the beneficiaries at the NECA Auditorium, Ikeja, Lagos, southwest Nigeria by the government at the 14th Retirement Bond Certificate Presentation.
Director General, Lagos State Pension Commission, LASPEC, Mr. Rotimi Hussain said the government had ensured that all retirees under the CPS got their money as at when due.
He said LASPEC organised the 12th and 13th Batch of retirement bond certificate presentation between August and September, 2014, with 221 retirees smiling home with N923.77 million.
Hussain added that as at the 13th bond certificate presentation, the state government had paid N27.14 billion to 5,211 retirees, being their past service benefits prior to the commencement of the CPS in April 2007.
According to him, with the presentation of N1.79 billion to 319 retirees on Tuesday, the state government had within the limited resources available been able to pay N28.931 billion to 5,530 retirees, a feat, he said, was yet to be matched by any state in the federation.
He stated that the total value on the bond which represented the past service benefits accruing to each beneficiary had already been remitted into their respective Retirement Savings Accounts, RSA, with the Pension Fund Administrators, PFAs.
“This is in addition to the 7.5 percent employees’ deductions and 7.5 percent employer’s counterpart monthly contributions regularly remitted to their RSAs accounts since inception of the scheme.”
The LASPEC boss said the All Progressive Congress, APC-led administration in Lagos has justified its leadership position among the states of the federation in the provision of developmental projects and dividends of democracy to Lagosians over the year.
Hussain disclosed that the current administration, under the CPS, has contributed from inception to date, N54.04 billion, being the monthly deduction of 7.5 percent from the salary of every employe and the counterpart 7.5 percent contribution by the state government into the RSA of all employees within the PFAs.
He said the implementation of the CPS, especially in Lagos State, has proven beyond reasonable doubt that the scheme is truly desirable, saying that there is guarantee the fund contributed towards the scheme is safe, fully funded and transparent.
“Gone are the days when retirees languish in the rain and in the sun in the quest of getting their legitimate rights. The Pension Reform Act 2014 will further improve administration of pensions in the entire country and bring utmost benefit to everyone,” he said.