The Lagos State Commissioner for Establishments, Training and Pensions, Dr. Benson Oke Akintola, has disclosed that Lagos State funding of employees’ pension rights under the Contributory Pension Scheme in a period of nine years is approximately N125, 941 billion.

Speaking during the 11th Retirement Benefit Documentation Seminar organised Lagos State Pension Commission (LASPEC), he also stated that as at November 2016, the state government has paid accrued pension rights of about N55, 941 billion to 12,426 retirees since the commencement of payments of entitlement in the Contributory Pension Scheme dispensation.

In the last sixteen months, that is August 2015 to November 2016, we have paid accrued pension rights of N21.929 billion to 5,027 retirees. We are aware of the inadequacy of the funding rate recommended in the Pension Reform Law and for the year 2016, this administration to bridge the gap, has approved a pension bailout fund of N6.5b.


In her welcome address, The Director General, (LASPEC), Mrs. Folashade Onanuga said it has become imperative for one who will enjoy life in old age to have a safety nest. If you don’t have a savings culture, start now. You need to start to treat your savings as an expense similar to paying rent. You need to start to think on alternative source of income you can be comfortable with. You need to define your needs and wants. By so doing, your terminal benefits when paid will be wisely spent.

On her part, the acting Head of Service, Mrs. Folasade Adesoye, stated the programme was designed to protect the prospective retirees. Some of the complains we get from retirees are that they want to go for annuity.

We also have complains from Pension Fund Administrators that insurance companies are misleading retirees. At LASPEC what we did is to come out with a brochure on pros and cons of the two so that the retirees will be well informed.Expressing her appreciation, Mrs. Fatimat Amusa working at LA Primary School Badagry thanked the state government for organising the programme.

DonLo:
That's a responsible government that understands the pain of the citizen unlike some state governor like Aregbe who delights in owning civil servant. He doesn't understand the balance between infrastructural development and payment of salary. Anyway Aregbe is just like his boss, Buhari who would rather plunge us into debt so as to get money for his so called project which is only aimed at campaigning for 2019. Thank God the pensioners didn't get the money earlier if not their dependents would have convinced them to invest in MMM
Ride on Ambode. Itesiwaju eko.
But on the lighter note, Atiku2019 know dey sleep. Either you're driven by passion or remuneration, your work deserves commendation

Atiku2019:



My Brother DonLo it's just 100% passion

DonLo:


Then the passion should be rewarded Bro. Don't worry I will personally call Atiku's attention to it.

DonLo:
That's a responsible government that understands the pain of the citizen unlike some state governor like Aregbe who delights in owning civil servant. He doesn't understand the balance between infrastructural development and payment of salary. Anyway Aregbe is just like his boss, Buhari who would rather plunge us into debt so as to get money for his so called project which is only aimed at campaigning for 2019. Thank God the pensioners didn't get the money earlier if not their dependents would have convinced them to invest in MMM
Ride on Ambode. Itesiwaju eko.
But on the lighter note, Atiku2019 know dey sleep. Either you're driven by passion or remuneration, your work deserves commendation

seguno2:
Accrued pension rights for real workers or political jobbers like former governors, speakers, deputy governors etc?
Abi how much is the pension of the real workers compared to these useless leaders who steal from us while in office and we continue paying them after they leave office?
Why are we so dumb and dull?
No wonder we elected the most dumb dullard as our president!!!

Atiku2019:
Ambode ! Ambode !! Ambode!!!

You just dey clear our doubt anyhow

Kudos to one of the best, if not the best. Eko ni Baje' Oh

MrMcJay:


Aregbe is still better than some governors because he has infrastructural projects to point to. Governors like Rochas Okorocha, Seriake Dickson, Abiola Ajimobi and Ahmed Abdulfatah have no infrastructure to point to and they're pathetic debtors. The incompetent clown in Kogi state is actually an indictment on the youths of Nigeria.

MrMcJay:


Aregbe is still better than some governors because he has infrastructural projects to point to. Governors like Rochas Okorocha, Seriake Dickson, Abiola Ajimobi and Ahmed Abdulfatah have no infrastructure to point to and they're pathetic debtors. The incompetent clown in Kogi state is actually an indictment on the youths of Nigeria.

Atiku2019:



I Don't need to be rewarded It will surely be in history that I stood against an Incompetent Buhari

Unibenfucker:
Bro Bro take it easy. I know two people who retired in 2014 and are yet to get thier entitlement. It is actually paid from grade level to grade level. From the lowest grade level to the highest grade level. It might be maybe they have not yet gotten to your mothers grade level

Elchappo:


Oga I know it's from grade level.
Is it now a crime to retire with a high grade level
Why tell the world u've paid if u know there re some grade level u ve not paid, abi they re not human