The Lagos State Pension Commission said it has paid 228 retirees a total of N941m in November this year.
Pensioners who benefited from the release pensions were from the state civil service, local governments, and State Universal Basic Education Board, teaching service and pensions office and other parastatals of government.
“This administration has from August 2015 to date paid a total of N21.9bn as accrued pension rights to 5,027 retirees under the Contributory Pension Scheme,”.
The Director-General, LASPEC, Mrs. Folashade Onanuga has disclosed.
In a statement on LASPEC website; Onanuga said the retirees needed to take good care of their health by going for comprehensive check-ups, desist from frivolous spending and advised them not to enter into risky ventures.
She advised the retirees not to desire quick gains as fraudsters would tempt them with offers aimed to defraud them of their benefits.
Onanuga further explained that only Programmed Withdrawal benefit option was tenable presently, pending the time, that life insurance companies open operational account jointly with a Pension Fund Custodian to secure the funds for the provider of annuity services.
“The Governor of Lagos State, Mr. Akinwunmi Ambode, is interested in the welfare of the employees both in and out of office, which is why salary and pension issues are given priority,” she added.
