The Lagos State Government has said to have remitted the sum of N1.13bn as accrued pension rights to Pension Service Providers in favour of 259 retirees for July 2020.
This was disclosed by the Director-General, Lagos State Pension Commission Mr. Babalola Obilana, in a meeting with Pension Fund Administrators and insurance companies at Alausa, Ikeja on Friday 14th August, 2020.
Obilana explained that, from the inception of the Contributory Pensions Scheme, the State Government had complied with the financial obligations of the scheme in relation to the monthly funding of the Retirement Savings Accounts (RSA) of employees, and the payment of death benefits to the next of kin of employees who died while active in service.
He noted that he is glad that the Lagos State Governor, Babajide Sanwo-Olu, despite the financial challenges, did not go back on his promise to remit accrued pension rights into the RSA on monthly basis because of his commitment to the welfare of the state’s workforce, both serving and retired.
According to the report by Punch, the Director-General has promised to monitor the monthly payments by all agencies of the State Government through compliance inspection exercise, with a view to ensuring that monthly deductions from employees’ salaries and employers’ contributions are remitted into the respective RSAs of the employees.
While imploring the pension service providers to improve on their service delivery to retirees at all times, the director-general urged them to always ensure prompt payment of retirement bond certificates released to them for retirees monthly.