Lagos remits N78.5 billion into workers’ RSAs account

In spite of the onerous funding obligations under the Contributory Pension Scheme, The Lagos State Government has remitted N78.592 billion monthly contributions into the Retirement Savings Account (RSAs) of its workers with 10 Pension Fund Administrators (PFAs) as at March, 2017, Governor Akinwunmi Ambode has said.

The Governor made this known at the Presentation of Retirement Benefit Bond Certificates to the 38th Batch of Retirees from the Lagos State Public Service in Lagos.

Represented by the Commissioner, Lagos State Ministry of Establishments, Training and Pensions, Akintola Benson, he said that his administration is committed to meeting pension funding obligations.

Benson stated that a total number of 311 retirees who received bond certificates at the event on Friday will have their accounts credited with accrued pension rights of N1.6 billion, made up of gratuity and pension benefits under the Defined Benefit scheme for employees who transited into the Defined Contributory Scheme.

Furthermore, he said that the State has also been consistent in setting aside funds for the payment of accrued rights as provided for in the Pension Reform Law such that it has paid accrued pension rights of about N61 billion since the commencement of the Retirement Benefit Bond Certificate Presentations in 2010.

He said: “Indeed, on this occasion of the 38th presentation of Retirement Benefit Bond Certificates to retirees under the Contributory Pension Scheme created Section 3 of the Lagos State Contributory Pension Scheme law of 2007, it is important to state that the vehicle for demonstrating this commitment has been the Lagos State Pension Commission (LASPEC) which was established as a corporate entity to regulate, supervise and ensure the effective administration of pension matters in the Lagos State Public Service.

“The passage of the law itself was in response to the new model and standards of pension administration formulated under the federal Pension Reform Act 2004. With the institution of such elaborate schemes by the State Government, it is not surprising that retiring public officers now look forward to retirement with more confidence and joy. This is how it should be.

“It is a positive history that, the Lagos State Government has consistently won the National Pension Commission’s award for the Best Pensions Compliant State in the Federation. We aim to maintain this rating by continuing and improving on the timely payment of all pensions and other applicable benefits to our retiring workers upon disengagement from service.

“Let me assure you that the State Government through LASPEC will continue to ensure that public service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes additional support and assistance that will add value to their lives in retirement. Our retirees can take joy in the fact that they are not, and will not be left behind in the scheme of things by the Lagos State Government under Governor Ambode.”

He urge the retirees who have all served in various capacities and sectors to make the right choices that will enable the attainment of financial comfort during retirement.

LASPEC Director-General,  Folashade Onanuga on her part added that the State Government has paid N27.41 billion accrued pension rights into the Retirement Saving Accounts (RSAs) of 6,267 retirees.

“In a period of less than 2 years, from August 2015 to April, 2017, LASPEC has paid accrued pension rights in the sum of N27, 409.560 billion into the RSA of 6,267 retirees. Accrued pension rights previously paid before the current administration amounts to N33, 645 billion to 7,409 retirees.