Lagos pays N649m to 119 retirees

The Lagos State Pension Board in January issued retirement benefit bond certificates worth N649m to 119 retirees from the mainstream civil service, local governments, State Universal Basic Education Board, Teachers Establishment and Pension Office, and other parastatals of government.

A statement from the commission on Thursday said the latest payment had brought the number of retirees paid between August last year and January this year to 2,409.

“The total accrued pension rights paid by the state government from August 2015 to January 2016 is N10.652bn. Accrued pension rights are gratuity and pension entitlements due to staff who transited to the Contributory Pension Scheme but had served under the ‘Pay As You Go’ pension scheme dispensation,” it stated.

During the presentation of the retirement benefit bond certificates, the Director-General, LASPEB, Mrs. Folashade Onanuga, reminded the beneficiaries to take good care of their health and invest the money they were about to collect wisely.

She also advised them to be wary of fraudsters and not accept any business proposal they did not understand.

“If you cannot think of any business at the moment, keep your money in fixed deposit accounts with banks,” Onanuga advised the recipients.

The retirees thanked the LASPEB for the warm reception accorded them each time they visited the office.