Lagos State pension fund hits N56.99bn

From left: Head of Service Lagos State, Folashade Jaji and Director-General Lagos State Pension commission (LASPEC) Rotimi Hussain at the event.

Chuks Udo Okonta

Lagos State pension contributions since 2007 has increased to N56.99 billion, the Director-General Lagos State Pension Commission (LASPEC) Rotimi Hussain, has said.

He disclosed this today Tuesday, at the 16th Retirement Bond Certificate Presentation Ceremony in Lagos, where 305 retirees were presented retirement bond certificates amounting to N1.41 billion. He noted  that the state has so far paid N31.89 billion to 6,078 retirees since 2007 that it embraced the Contributory Pension Scheme (CPS).

Husain urged the retirees to take care in the manner of utilization of their benefits. He told the retirees to consider their individual circumstances before choosing any of the two exit options of the programmed withdrawal and annuity, adding that either of the two options provides safety of benefits as provided by the Pension Reform Act.

Presentation of Retirement Bond Certificate to a retiree

The newly appointed Head of Service for the state, Mrs Folashade Jaji, also enjoined the retirees not to subject themselves to ventures that could make them lose what they have saved for the rainy day.

She commended the board, management and staff of LASPEC for continuous improvement in the strategies being deplored in carrying out the mandates of the commission.

She pledged to sustain the feat already made by her predecessors and would evolve new measures to improve the well being of workers in the state.

The HOS also commended life insurers and Pension Fund Administrators (PFAs) for being professional and ensuring the sustenance of acceptable standard towards making life in retirement stress-free and more rewarding to their clients.

From left: Board Member Lagos State Pension commission (LASPEC) and Head, Risk and Compliance, Stanbic IBTC Pension Managers Idu Okwuosa at the event.