Lagos fully compliant with CPS as 11,349 retirees get N42bn pension

BY Business a.m.

The government of mega city Lagos State is priding itself of being fully compliant with the contributory pension scheme (CPS) since it signed on in 2007.

The chess beating came as it said some 11, 349 retirees who completed service with the government have received a total of N42 billion in accrued pension entitlement from the authorities.

Ajibola Ponnle, the commissioner for establishments, training and pensions, gave the details during the ceremony marking the 95th retirement bond certificate presentation to retirees of the Lagos State public service.

“Today, I am pleased to inform you that the Lagos State government has paid over N42 billion as accrued pension rights to 11,349 retirees in the Mainstream, Local Government, State Universal Basic Board, Teaching Service Commission and other parastatals of the state government from May 2019 till date,” said Ponnle.

She added that over N1.5 billion has also been credited into the Retirement Savings Accounts of 487 retirees this month, along with their monthly contributions.

Prompt payment of pension obligations under the Defined Benefits and the Contributory Pension Schemes was a priority for the present administration to enable retirees to access their Retirement Savings Accounts without delay, Commissioner Ponnle explained.

“We frequently assess our policies to maintain our role as the leader in the payment of pension benefits in Nigeria,” Ponnle said, adding that “presently, we are working on various reforms that would have significant impact on the welfare of retirees in the state.”

Babalola Obilana, director-general, Lagos State Pension Commission, said that since Lagos adopted the Contributory Pension Scheme in 2007, it had not forgotten officers on the Defined Benefit Scheme.

“This administration has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos State is fully compliant with the statutory requirements of the CPS,” Obilana said.

He noted that despite various economic and financial challenges, employee’s and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts monthly.

According to him, LASPEC, the state’s pension agency, was constantly reviewing its business processes to ensure optimal service delivery to its retirees.

“The commission has noted with concern, various individuals and associations fraudulently parading as agents of the state with claims to fast track the payment of retirement benefits at a fee. Please note that the Lagos State Pension Commission is the only entity officially endorsed by the State Government to process the payment of retirement benefits. Also note that no officer in LASPEC will ask you for money to process your payments,” Obilana explained.