Lagos disburses ₦684m for payment of 218 retirees

The Lagos State Government has released ₦684m for the payment of accrued pension rights to 218 retirees from the mainstream civil service, local governments, the State Universal Basic Education Board, Teachers Establishments and Pensions Office and other parastatals of government under the Contributory Pension Scheme for the month of June.

According to a statement on Sunday, while addressing the retirees at the 40th retirement benefit bond certificate presentation in Lagos on Friday, the Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, stated that the retirees deserved to get their pensions early like active workers, having contributed their quota to the development of the state.

Onanuga also explained that even though there were two options available for the receipt of monthly pensions, the programmed withdrawal and life annuity options, not many insurance companies had received the National Pension Commission’s nod to engage in the annuity business.

However, she pointed out that Leadway Assurance, FBN Insurance, Custodian Life and ARM Life had obtained approval, but that only Leadway Assurance and ARM Life had for now been given approval to provide annuity services for Lagos State Government retirees.

The statement also said the Lagos State Pension Commission was recognised as the ‘Best Public Sector Pension Administrator in West Africa’ by the West Africa Innovation Awards in Abuja on Thursday.

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