The Lagos State Government has paid N1.78 billion to 354 retirees being their accrued benefit for their service to the state prior to the commencement of the Contributory Pension Scheme, CPS, in 2007.
Speaking at the 11th Retirement Bond Certificate presentation held at the NECA Building, Ikeja, Lagos, Southwest Nigeria on Monday, Director-General, Lagos State Pension Commission, LASPEC, Rotimi Hussain said the presentation of the bond certificates to the retirees represented the second tranche of bond presentation under the 11th Retirement Bond Certificate.
He said the first tranche of N1.723 billion of the 11th batch of bond presentation was paid to 437 retirees majorly drawn from the Local Government Areas and the State Universal Basic Education Board, SUBEB, in April, 2014.
Hussain added that the benefits accruing to each of the beneficiaries had already been remitted into their Retirement Savings Account, RSA, with their respective Pension Fund Administrators, PFAs.
According to him, with the payment of this second and concluding tranche of the 11th bond presentation, the government had paid N3.5 billion to 791 retirees as at the 11th batch.
He disclosed that the present administration had so far paid N24.4 billion to 4,636 retirees who retired from the public service from inception of the CPS.
“With this second and concluding tranche of the 11th batch therefore, the administration has to date paid N26.2 billion to 4,990 beneficiaries. Our record shows that the state has, from inception of the scheme to date, contributed N51.64 billion being the monthly deduction of 7.5 per cent from the salary of every employee and the counterpart 7.5 per cent contribution by the state government into the RSA of every employee with the PFAs.
“This achievement by the state government has further brought to the fore, the benefit and advantages inherent in the CPS as against what was obtainable under the Old Pay-As-You-Go Scheme,” he said.
Hussain advised the beneficiaries to be extremely conscious and careful when deciding what to do after retirement, saying that “there are many businesses out there but you need to have adequate knowledge about the businesses before embarking on any. Be mindful of the fact that there are some unscrupulous elements that might be waiting to lure you into a business you do not know much about.”
Oluseyi Williams, Head of Service, urged the beneficiaries to live within their means and not get involved in any unfamiliar business which could make them fall victims of fraudsters.
“Now that you have collected your bond certificate, people will come with different feasibility studies or business ideas, please look very well before you leap as we have heard some unpleasant incidents, especially of people who were tricked and made to part with all their lump sum and life savings,” she stated.
(Post From PM News)