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Tag: retirees

  • Retirees get start-up packs at graduation

    Retirees get start-up packs at graduation

    One hundred retiring civil servants of Lagos State received start-up packs and certificates to launch their new ventures after dedicated service. The graduation was held yesterday at  Alausa, Ikeja, Lagos.

    The initiative, under Governor Babajide Olusola Sanwo-Olu’s THEMES Plus Agenda, aims to equip retiring officers with business skills, financial literacy, and right mindset to transition  from civil service into successful entrepreneurs, wealth creators, and community builders.

    Head of Service, Mr. Olabode Agoro, said the initiative underscores the administration’s dedication to preparing public servants for a productive life.

    He described the training as a demonstration of the state’s resolve to empower its workforce after retirement.

    “This initiative is a directive of Mr. Governor to ensure our retirees do not just step aside but step forward, equipped with knowledge and skills to become successful entrepreneurs, mentors, and community builders,”  Agoro said.

    Commissioner for Ministry of Wealth Creation and Employment, Akinyemi Ajigbotafe, noted the programme was designed to equip participants with business skills, financial literacy, and mindset re-orientation to transition into entrepreneurship.

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    “Retirement should not mark the end of one’s productive years but rather the beginning of new opportunities to create wealth, build legacies, and contribute to economic growth,” Ajigbotafe said.

     Permanent Secretary, Olayinka Wasiu, emphasised that the training challenges the traditional view of retirement.

    “We want our retirees to see themselves as drivers of innovation and change. It is about rediscovering purpose and reigniting passion,” he said.

    Guest speaker Dr. Olajide Basorun, a retired permanent secretary in the ministry, encouraged the graduates to embrace continuous learning, innovation, and networking to succeed. “Business principles are timeless; applying them diligently will guarantee sustainable growth,” he advised.

    Mrs. Bukola Durodola, director of Post Service Department in the Public Service Office, described the graduation as a testament to the state’s proactive approach to redefining life after service.

    She called on stakeholders to support empowerment for retirees to enable them thrive.

    Highpoint of the event was presentation of certificates and start-up packs to 100 retirees, setting them on a path to self-reliance and wealth creation.

    The comprehensive training covered modules in business development, marketing strategies, financial planning, fish and poultry farming, soap production, and the manufacture of germicides and insecticides. Participants were also exposed to opportunities for accessing start-up support services.

  • Retirees, workers lament nonpayment of pension

    Retirees, workers lament nonpayment of pension

    • Express confusion on CPS

    Retirees and workers in the country are lamenting abandonment by the National Pension Commission (PenCom) under the administration of its new Acting Director-General, Ms Omolola Oloworaran.

    For various reasons, the workers and retirees who are Retirement Savings Account (RSAs) holders under the Contributory Pension Scheme (CPS), seemed stranded as the commission refuses to address their grievances.

    The RSAs whom are mostly always confused about the workings of the CPS, raised concerns ranging from non-payment of pension, accrued rights issues leading to delayed pension after retirement, non-payment of monthly annuity pension, abandonment and lack of attention by operators and PenCom, among others.

    Retirees

    My name is Enon. I worked in Auchi Polytechnic from April 1985 to March 2023. I retired as Chief Lecturer on March 20, 2023 under the Contributory Pension Scheme (CPS). I am yet to have my accrued pension right released to my PFA (Stanbic IBTC), hence my pension benefit has not been paid since I retired over 18 months ago.

    I am Engr Alexander. I retired since March 2023 from Auchi Polytechnic but till now we are still waiting for our pension and gratuity to be paid after carrying out the necessary process long time ago. I will be very delighted to know the reason for the delay because I and my colleagues who retired this same time are suffering. My PFA is Stanbic IBTC Bank.

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    My name is Justice. I have not received my pension since I retired on July 8, 2009. My former employer has refused to release documents to help me process my pension claiming I absconded. I submitted my resignation letter to my branch manager; he acknowledged and gave me my copy but never forwarded it to the board. Now my PFA can’t process my pension until I provide the documents. I have been on this for over a year now. Please I need your intervention.

    I am Salmanu from Zaria, This is a “Save Our Soul” message to The  Nation newspaper. Many of us have been having sleepless nights with lots of problems as a result of non-payments of our retirement benefits. We hope that the Acting Director-General, Ms. Oloworaran, will use her new position to wipe away tears from retirees faces.

    I want to remain anonymous. There has been no remittance of annuity by African Alliance Insurance Plc since May 2024. I will like to know what is happening. PenCom and NAICOM should consider that the economy is tough, hence the need for our monthly pension.

    My name is Jauro from Bauchi State. I am writing to seek your assistance with an urgent matter. Despite submitting my request to transfer my pension to an annuity over a month ago, I am yet to receive a response from Premium Pensions. I have sent multiple follow-up emails and made several calls. Unfortunately, my efforts have been met with silence. I am feeling exhausted and frustrated by the lack of attention from Premium Pensions. I am appealing to the newspaper which remains unbiased to the plight of retirees in this country to help me resolve this issue.

    My name is Ishola. My last pension payment was in April 2024. I retired from Nigerian Postal Service (NIPOST) joined annuity and I have two accounts where I used to receive N23, 624:94 and N8, 575;85. I need help.

    My name is Akinola. I am on an annuity programme with African Alliance. I have not been paid my benefits since May 2024. I am retired and I need the stipend for my upkeep.

    I am Mrs Matthew. My husband died on October 5, 2019 but I have not been able to receive his benefits. He worked in the aviation industry and we lived in one of the quarters but I have been sent out since April 3, 2020.  My late husband benefits are with First Guaranty Pension Ltd. I have been writing to the PENCOM but to no avail. I am really suffering with the children. I am appealing to The Nation to help me as it is my last hope.

    My name is Christopher. I have been following up with my late wife’s gratuity since 2019. I have submitted all necessary documents I was asked to submit, but till date, I have not seen anything. The last time I went to Access Pension in Lagos, I was told that they were waiting for the money to be released to them from Abuja. She served with Ministry of Defense.

    My name is Mapaderun, an annuitant with African Alliance Insurance Plc.

    I have not received my stipend for May, June, July and August 2024.

    What is the way out? It seems the company is distressed. What happens to our money with them? Can I migrate back to Stanbic IBTC? Why are the authorities allowing African Alliance Insurance Plc to be toying with us. I wonder how they want us to survive these harsh economic times. Both PENCOM and NAICOM are not coming to our aid. It has been five months now that we haven’t received anything.

    My name is Iyav, I retired from the Nigeria Police Force in 2011. My PFA is Africa Alliance. I have not being paid my pension salary since May 2024 without any explanation from my PFA. We were advised to check The Nation newspaper publication of  September18, 2024 page 8 in which the company promised to pay at the end of September 2024. But they failed. Is there any explanation or solution to this problem?

    Workers

    My name is John and my PFA is Stanbic IBTC Bank Managers. I spoke with the PFA that I wanted to start Voluntary Contribution (VC) but they were unable to help me. What am I to do to start the Voluntary Contribution?

    I want to remain as anonymous. What document is needed to provide in case of death by next of kin to have access to the pension.

    PenCom

    All efforts to get responses to the retiree’s complaints on different challenges proved abortive as at press time.

  • 1,455 Lagos retirees get N4b

    1,455 Lagos retirees get N4b

    No fewer than 1,455 Lagos State government retirees have received over N4 billion accrued pension rights as their benefits.

    They were presented their Retirement Bond Presentation at a ceremony organised by the Lagos State Pension Commission (LASPEC) in Lagos.

    Speaking on behalf of the Governor Babajide Olusola Sanwo-Olu, the Director-General of LASPEC, Mr. Babalola Obilana, said the event marked a significant milestone in the lives of the state retirees to honour their service

    Appreciating the governor for his commitment to the welfare of the people, Obilana stated that he has prioritised the needs of pensioners and approved policies to ease the financial burden on retirees.

    He said the governor has also promised to clear out the backlogs and that by the middle of the year, the retirees would receive their benefits on a ‘Pay As You Go’ basis.

    Read Also: Lagos govt pays N4.48b pension benefits to 1,455 retirees

    He lauded Pension Fund Administrators (PFAs) and insurance companies for their efforts to the success of the CPS.

    “Life after retirement is a transition from the hustle and bustle of a professional life to the serene embrace of well-earned leisure. Remember that your contributions will always be cherished, and your impact will endure in the Lagos State Public Service.

    “Be wary of fraudsters who prey on vulnerable pensioners. Make sure you pay attention to the talk on pension investment and choose the plan that works for you and your family. You can reach out to us after this event for any pension-related information or further clarifications.

    “Lagos State is thankful for your accomplishments and the enduring contributions you have made throughout your distinguished careers.You have exemplified the values that define Lagos State – integrity, commitment, and excellence.Your dedication and hard work has contributed to the dream of a ‘Greater Lagos’.You are a source of inspiration for us all, and your legacy will, undoubtedly, continue to resonate within the Public Service,’’ Obilana advised them.

  • 500,000 retirees, workers, others get N3tr in 20 years

    500,000 retirees, workers, others get N3tr in 20 years

    • ’Scheme actualising retirement dreams’

    Over N3trillion was paid to  500,000 workers, retirees and Next of Kin (NoK) in 20 years under  the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) has said.

    From inception in 2004 till date, the modes of payment, which include the Programmed Withdrawal, Retiree Life Annuity, En-bloc Payment, Death Benefits, Temporary Job Loss, Voluntary Contributions and Equity Contribution for Residential Mortgage, have given the stakeholders the opportunity to receive the huge cash.

    Director-General, PenCom, Mrs. Aisha Dahir-Umar said accessing retirement and terminal benefits within the CPS is regulated by commission.

    She stated that in tandem with the Pension Reform Act 2014 (PRA 2014), PenCom established procedures for Retirement Savings Account (RSA) holders to access their benefits.

    She said: “Section 7(1) of the Pension Reform Act (PRA 2014) provides that Retirement Savings Account (RSA) holders are entitled to access their benefits upon retirement or upon reaching the age of 50, whichever comes later.

    “Contributors have the option to withdraw a lump sum from their total RSA balances, provided that the remaining balance is adequate to secure either a Programmed Withdrawal (PW) or a Retiree Life Annuity (RLA) for lifetime pension benefits. The PW offers a regular pension payment through a Pension Fund Administrator (PFA), while the RLA, purchased from a Life Insurance Company, provides a steady income for life.

    Programmed Withdrawal

    The PenCom DG explained that Programmed Withdrawal is a benefit payment by which the employee collects his retirement benefits in periodic sums (monthly or quarterly) spread throughout an estimated life span.

    “From inception to January 31, 2024, PenCom has approved 346,296 requests from retirees to draw pension through PW mode. The retirees received a total lump sum of N1.04 trillion, while their monthly pensions amounted to N15.89 billion.’’

    Retiree life annuity

    “RLA, on the other hand, is a contract for regular income purchased from an approved Life Insurance Company, which provides monthly or quarterly income to retirees during their lifetime. From the beginning of the CPS to January 31, 2024, 121,125 retirees chose the annuity mode of pension payment. A lump sum of N264.26 billion was approved for payment to the retirees. In contrast, N739.04 billion was approved for payment to RLA providers as premiums in return for monthly annuities of N7.72 billion.

    En-bloc Payment

    “PenCom allows en-bloc payment to retirees whose RSA balances cannot procure Programmed Withdrawal or RLA that is equivalent to one-third of the prevailing national minimum wage. From the start of the CPS to January 31, 2024, PenCom approved the en-bloc payment of retirement benefits to 161,817 retirees, totalling N49.07 billion.

    Death benefits

    “Death Benefits are paid to a beneficiary under a will or the spouse and children of an RSA holder who dies in service. In the absence of a wife and child, the benefits are paid to the recorded next-of-kin or any person designated by the deceased. From inception to January 31, 2024, PenCom granted approvals for payment of death benefits amounting to N396.75 billion to the legal beneficiaries/administrator of 97,834 deceased employees and retirees.

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    Temporary job loss

    “The PRA 2014 permits an employee who loses his job to withdraw an amount not exceeding 25 per cent of the total amount credited to his RSA. However, such withdrawals can only be made after four months of cessation of employment, and the employee does not secure another job. From inception to January 31, 2024, PenCom approved N228.10 billion (25 per cent of RSA balances) to 496,833 RSA holders under 50 years who were disengaged from employment and could not secure another job within the stipulated time of four months.

    Voluntary contributions

    “Section 4(3) of the PRA, 2014 allows RSA holders to make Voluntary Contributions (VC) in addition to the mandatory contributions to augment their pension at retirement. The VC can be withdrawn periodically based on the Guidelines. From inception to 31 January, 2024, PenCom approved withdrawals from voluntary contributions amounting to N42.46 billion by 50,772 contributors.

    Equity contribution for residential mortgage

    “Eligible RSA holders have the opportunity to utilise their RSA balance to pay equity contributions for residential mortgages, in accordance with Section 89(2) of the PRA 2014. This provision enables RSA holders to allocate a portion of their pension savings towards the equity component of a residential mortgage.

    “This initiative has proven instrumental in helping numerous individuals achieve their aspirations of homeownership since its inception. As at 31 January, 2024, PenCom has authorised disbursements totalling N21.81 billion to 2,104 RSA holders, facilitating their equity contributions for residential mortgages,” she said.

    Overall, she pointed out that accessing retirement benefits under the CPS is seamless, adding that PFAs must guide RSA holders who want to access their retirement benefits on the documentation requirements for each benefit payment type.

  • AIICO sensitises contributors, retirees, others

    AIICO Pension has sensitised its active and retired customers as well as the pension desk officers   in Lagos State.

    The Managing Director of the Pension Fund Administrator (PFA), Mr Longe Eguarekhide, made this known at a forum  in Lagos.

    He said there was the need to educate participants on the trends in the industry.

    He stated that the forum was also organised to get feedback from customers on how they could be better served.

    He assured that the company would continue to render excellent service to the customers, and other stakeholders.

    According to him, the company has an online registration, verification of account balance, access to quarterly statement and access to retirement planning tools, such as pension calculator and portfolio tracker.

    He added that the company invested in the pension fund under management prudently and has been able to deliver high returns on investment to its clients.

    He said: “Our team of investment experts in the capital market, money market, funds management and real estate put to bear their dexterity in portfolio management to guarantee superior returns on your funds without compromising safety of invested funds.

    “For us at AIICO Pension, customer is king in our business and that is why we have adequately made provision for dedicated relationship officers, an interactive website, call centre and customer care centre,” he noted.

  • ‘Data recapturing to protect contributors, retirees against cybercrime’

    The ongoing data recapturing of pension contributors and retirees by Pension Fund Administrators (PFAs) nationwide is meant to protect pension clients against cybercrime and other fraud, the Managing Director, IEI-Anchor Pension Managers Limited, Mr. Glory Etaduovie, has said.

    Etaduovie in a paper titled: National Data Base Harmonisation and Pension Data Recapture, made available to journalists in Lagos stated that since last year, the National Pension Commission (PenCom) has been upbeat about data recapture of PFAs existing clients and to streamline future contributors’ registration in a move to have an accurate database.

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    He emphasised the need for national ICT database, noting that information, like communication, is the lifeblood of a nation.

    He said that with the massive pension fund accumulation and its fast pace of growth drawing attention, individuals with bad intentions are exploring how to penetrate the fund structure, hence, the need to enhance cyber security.

    He pointed out that aside individuals with bad intent, pension fund is now a veritable source of funding and development in the country.

  • Trustfund prepares retirees for life after retirement

    Trustfund Pensions Limited has embarked on an enlightenement campaign on life after retirement for its retirees.

    The Pension Fund Administartor (PFA) hosted the retirees last week, beginning with those resident in Lagos State.

    Its Regional Manager, Obiora Okoekwem, said the Pre-Retirement and Retiree Forum was aimed at  bridging the gap between them the PFA, adding that the PFA organises the forum yearly to acqaint  retirees with developments in the pension industry as it affects them.

    He assured that the company will be socially responsible and continue to protect their investment.

    He said: “We are interested in the welfare of our retirees. We organise health walk annually for retirees and Corporate Social Responsibility activities such as essay competitions for children of eligible customers including retirees and winners are entitled to sums equivalent of tuition fees.

    “Retirees under this Contributory Pension Scheme (CPS) are enlightened by expert on the business lines to venture into with minimal risk. We shall be celebrating our retirees who have clocked 70 years and above in different regions.

    “We want our retirees to beware of fraudsters. They are not required to pay any amount for processing of their benefit. We have successfully managed their pension contributions for years without hitches and grown their account with impressive returns. We are ethical and their funds are fully protected. Our retirees have no reason to be afraid of what becomes of their money.”

    Speaking on benefits of Programmed Withdrawal for retirees, he said: “While pensions are being paid on a monthly or quarterly basis, the balance in the account is invested in line with PenCom investment guideline. Return on investment of the retiree fund IV is credited with the individual retiree account which is reflected as growth in the retiree account.

    “The return on investment and growth can be seen in the retiree statement of account, which statutorily is made available to retiree on a quarterly basis or anytime on request. However, balance can be viewed on their phones. Following the growth in account, a retiree on Programmed Withdrawal is entitled to pension enhancement.

    “Where the balance in the retiree’s account is fully exhausted, the PFA is obligated to keep paying pensions to such retiree from Pension Protection Fund pending the implementation of the Minimum Pension Guarantee. Where the retiree expires/dies, the survivors or beneficiaries of the deceased are entitled to the balance available in the deceased account. Where the retiree dies intestate, the PFA render gratuitous service of Letter of Administration verification in the probate registry to fast track payment of benefits,” he added.

  • Retirees, pensioners to give party 100,000 votes

    Pensioners and retirees in Kwara State have promised to work for the success of the All Progressives Congress (APC) in tomorrow’s and March 2 general elections.

    They also promised to give the party at least 100,000 votes.

    The Chairman of Concerned Retired Kwara State Civil Servants, Alhaji Mohammed Abioye, spoke yesterday in Ilorin, the state capital, during an interaction with Information and Culture Minister Lai Mohammed.

    Abioye said: “It needs be mentioned that we have come together in order to join hands with other well-meaning Kwarans who have been working to put a stop to the downward socio-economic development of the state due to poor governance in all ramifications, especially since 2003 till date.

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    “We are concerned because this ugly trend has come about because the civil service, which is supposed to be the engine room of government, has been largely bastardised. The reason for this ugly trend is traceable obviously to poor service conditions, lack of respect and regards for the service and its personnel, both serving and retired.

    “We must not allow this ugly trend to continue. We need to work with other progressive-minded Kwarans to terminate the current political dynasty that is the major promoter of the various governments whose output has made our state the headquarters of poverty in Nigeria.

     

     

  • Reps seek confidential information of RSAs, retirees, others

    The pension industry, which has recorded steady growth since the establishment of the Contributory Pension Scheme (CPS) by the Pension Reform Act 2004, is going through difficult times with the House of Representatives, The Nation has learnt.

    Insider sources and stakeholders, who revealed the development, said the House of Representatives Ad-hoc Committee in a recent summon of the National Pension Commission (PenCom) is asking the commission to provide vital and sensitive information of the operations of the CPS.

    They warned against releasing sensitive information on workers, retirees and Pension Fund Administrators (PFAs) to the public through the Ad-hoc Committee.

    Basically, the committee is asking for vital information of Retirement Savings Account (RSAs) holders, retirees and Pension Fund Administrators (PFAs) that are considered confidential under the PRA 2004 as repealed by PRA 2014.

    The commission has, however, informed the Ad-hoc Committee that it will be unable to do so, explaining that it is prohibited by the provisions of some sections of the PRA 2014 from disclosing such information.

    In a letter signed by the Chairman of the Ad-hoc Committee, Hon E. Agbonayinina dated January 11, 2019 (PenCom/DG/CSLD/2019/TR11) and titled, “Request for Information-Request for Clarifications, said they have mandate to investigate the commission.

    He requested the commission to furnish them with the Net Assets Values of the contributory pension funds; Details of supervisions and regulations of Pension Funds Administrators, their key instructions and performances, compliances and default.

    The letter read further: “The Ad-hoc Committee following mandate for an investigation is pleased to clearly state that your Commission should furnish it with the Annual pension operations of all the Pension Funds Administrators. For instance, details of amount collected from contributors and amount being paid out to retirees, from April, 2017 till date. Details of investment percentages and profits from the investment of pension funds; Details of the Federal Government contributions to the Federal Government bond; Contributions of retirement savings account holders to Pension Funds Administrators; Details of payments from PenCom into the Treasury Single Accounts (TSA) and bank account details operated by the Commission.

    “Details of the amount sent in by Ministry Department and Agencies (MDAs) to PenCom through the Treasury Single Accounts between April, 2017 till date, before it is distributed to the PFAs through their Pension Custodians by Central Banks of Nigeria (CBN). Your Commission Is also expected to avail the committee any other hand over note prepared by your different department, as this will aide investigation.”

    Hon. Agbonayinina directed the commission in the letter to forward all documents in 20 hard copies and one soft copy to Office No 1.27, First floor, House of Representatives New Building, National Assembly Complex, Abuja 011 or before 10am on Thursday, 24, January, 2019, bearing in mind that the Ad-hoc Committee will be interacting with all the Pension Funds Administrators on this matter’’.

    But PenCom in its reaction to the Ad-hoc Committee in a letter dated January 23. 2019, titled, “Request for Information – Request for Clarifications” stated that the Commission has noted the Ad-hoc Committee request for documents/information in respect of the request listed in the letter under reference. However, the Commission would like to respectfully bring the following to the attention of the Ad-hoc Committee.

    “Details of supervisions and regulations of Pension Fund Administrators and their key instructions and performances, compliances and default: We are unable to decipher the Ad-hoc Committee’s specific request on the subject because these are general statements on the statutory functions of the Commission. We, therefore, request for further clarifications on the specific requirements of the Committee. Annual pension operations of all the Pension Fund Administrators. For example, details of amount collected from contributors and amount being paid out to retirees from April. 2017 till date:  This information is confidential to RSA holders under the CPS Accordingly, members of the, Board, officers, employees and agents or other persons engaged by the Commission are prohibited by the provisions of Section 113(3) of the Pension Reform Act (PRA) 2014 from disclosing such information.

    “Details of the Federal Government contributions to the Federal Government bonds. The Commission requests for clarification on whether reference is being made to the amount disbursed by the Federal Government for payment of accrued pension rights or bonds issued by the Debt Management Office, which Pension Funds invest into from time to time. Contributions of RSA holders to Pension Fund Administrators: The Commission is also unable to provide the information based on it because it will constitute a breach of the provisions of Section 113(3) of the PRA 2014. Details of payment from PenCom into the Treasury Single Accounts (TSA) and bank accounts details operated by the Commission: The Commission had explained in its earlier correspondence to the Committee that it maintains a TSA account in the Central Bank of Nigeria (CBN) in line with the Federal Government’s policy on same. Accordingly, the Commission would like to request for further clarifications on this request of the Ad-hoc Committee.

    “Details of the amount sent in by MDAs to PenCom through the Treasury Single Accounts between April 2017 till date, before it is distributed to the PFAs through their Pension Custodians by the CBN: The Commission requests for clarification on this in view of the fact that pension contributions for employees of Treasury Funded MDAs are deducted at source by the Accountant General of the Federation and remitted directly to the Retirement Savings Accounts (RSAs) of FGN employees on IPPIS Platform. The contributions of employees of MDAs not on IPPIS are remitted to the Contributory Pension Account maintained with the CBN for onward transfer to their RSAs.”

    On the invitation to an investigative hearing by the committee, the commission requested that the investigative hearing be deferred until the issue of the documents and information necessary to the hearing are sorted out.

    “You would recall that the commission had, vide a letter referenced PenCom/DG/CSLD12019/ of January 23, 2019 subsequently sought further necessary clarifications in respect of most items listed in your letter of request under reference. We believe that the further clarifications are necessary to enable the commission furnish the required information to facilitate the Committee’s work.

    “In the light of the foregoing and in order to facilitate the Committee’s work in a meaningful and productive manner the Commission requests that the investigative hearing be deferred until the issue of the documents/information necessary to the hearing are sorted out. In the meantime, the commission is collating the information on those requests that are clear, and which would take a while in view of the volume of information required by the committee. This further necessitates the need to fix a future date for the hearing in order to have a productive session”, the commission said.

    A major stakeholder who spoke on condition of anonymity, said the request by the committee of confidential information of the CPS is capable of jeopardising the safety of the accumulated N8.5 trillion pension fund.

    He wondered the rationale behind attempts to probe the commission at every slightest opportunity.

    He called on workers and retirees under the scheme to reject the committee by ensuring that the commission does not reveal information that can endanger their future.

    He urged lawmakers to help maintain the sanity of the industry and not work to destroy it.

  • Lagos pays N41.8b to 10,286 retirees

    The Lagos State government has paid accrued pension rights of N41.812 billion to 10,286 retirees under the Pay As You Go pension scheme in the last 41 months, the Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson, has said.

    He spoke at the 58th edition of Retirement Benefit Bond Presentation Ceremony held at the LASPEC Complex, NECA House, Ikeja, Lagos.

    He said another 139 public service retirees were presented retirement benefit bond certificates worth N632.3 million for the month of December.

    The commissioner stated that majority of those paid were from the State Universal Basic Education Board (SUBEB).

    He recalled that about two weeks ago, precisely, November 29, 2018, total number of 137 retirees received Bond Certificates worth N739.9 million.

    He said:“Government will continue to ensure prompt payment of all the rights and entitlements due to its workforce as a way of motivating them to effectively and efficiently discharge their duties as expected. The state government has never failed to remit monthly contributions into Retirement Savings Accounts (RSAs) maintained by the 13 approved Pension Fund Administrators (PFAs).

    “So, within a period of three weeks, the government has brought joy to a total number of 276 retirees and payment made is N1.37 billion. The state has consistently distinguished itself as a leading state in the management of pension and pensioners. Hence, the government has won several awards for excellence in pension administration. In December, 2018, the commission won the distinguished award of excellence on pension matters for year 2018 by Peninscope Professional Warranty Limited.”

    The Director-General, LASPEC, Mrs. Folasade Onanuga, explained that the state government has always been in the vanguard of employees’ welfare.

    She said the governor has not derailed in his promise to give priority to workers’ welfare”.

    While advising retirees to spend wisely in retirement and take proper care of their health, she pointed out that they are at the evening stage of their lives and as such, they should be mindful with the things that they do.

    She stressed that the Additional Voluntary Contribution will guarantee more comfort in retirement as the funds can be accessed immediately by a retiree on retirement.

    In appreciation, the beneficiaries applauded the pace of clearing the backlog by the present administration and prayed that it continues in 2019.

    Also, the state government through the commission has paid to the 11th batch of named beneficiaries of eight deceased employees, insurance benefit worth N15, 696,022.83 million. Over N447, 968 million had been paid. This is designed by law to alleviate the immediate needs of the family members left behind.