The Lagos State Government on Thursday disclosed that it had remitted a sum of N64 billion into the retirement saving accounts (RSAs) of civil servants as contributory pension scheme since the inception of the scheme.

Commissioner for Establishments, Training and Pensions, Dr. Akintola Oke saidsaid there had been regular deductions of 7.5 percent from the salaries of staff and corresponding 7.5 percent by the state government into the retirement savings accounts maintained by them with their appointed Pension Fund Administrators (PFAs).

As at March, 2016, the deduction has cumulatively risen to N64 billion approximately since the inception of the scheme in 2007. Also, since the commencement of the retirement benefit bond certificate presentation in 2010 to over 10,000 retirees/deceased/ withdrawn staff, Lagos has paid accrued pension rights of about N48.08 billion.

Lagos reduced the backlog of terminal entitlements of retirees. Between August 2015 and April 2016, the government had, through the Lagos State Pension Commission (LASPEC) paid N13.701 billion into the Retirement Savings Account (RSA) of 3,069 retirees.

1,294 retired from the Local Government, 745 from the State Universal Basic Education Board (SUBEB), 731 Teachers Establishment Pension Office (TEPO) and 299 from the mainstream service.

The state governor, Akinwunmi Ambode has directed that outstanding pension payment of three years arrears on the 142 percent pension increase as approved by the administration of Asiwaju Bola Tinubu be paid with immediate effect.

The sum of N2.03 billion was paid as pensions between May 2015 and April 2016, and in November 2015, the Civil Service Pensions Office facilitated and completed the payment of severance, pensions and gratuity to 73 disengaged staff of the defunct Eko Today which amounted to N37.17 billion.

The sum of N1.5 billion intervention fund for the payment of outstanding gratuities and pension arrears to Local Government retirees, including the balance of 142 percent pension arrears amounting to N1.77 billion, would be effected as soon as the verification exercise was conducted.

On the issue of pension fraudsters, the commissioner said the government had begun sensitization programmes in all ramifications on the activities of these fraudsters, stressing that apart from drawing the attention of the state government to this unsavory report, LASPEC had gone further to sensitize the public with the printing of posters and handbills.

WOW!...... this is indeed a very welcome approach to pension matters in nigeria, there is urgent need to sanitize that sector so as workers may be able to reap the fruit of their labor

it is good to know that things are changing now in Nigeria.....this change in particular seems to be a good one.....lets keep watching.

The activities of pension fund administrators need to properly checked so the general public can begin to put faith in the pension scheme once more.

It is quite sad that some people still associate pension with old age. For the larger percentage of employees who have been involved in the pension contributory scheme have a better idea of what the scheme is all about and it is important for every employee in days of active service to concentrate on their pension contributions from the first day of employment.

Those who have the archaic believe of pension been a scam or a retirement talk should rather sit up and learn more about the contributory scheme. The New Pension Act 2014 is an eye opener of the obvious benefits in the contributory scheme.