Contributory Pension Scheme: Ambode Pays 148 Retirees N597m The Ambode-led Lagos State Government continued the payment of pensions of retirees un
Contributory Pension Scheme: Ambode Pays 148 Retirees N597m
The Ambode-led Lagos State Government continued the payment of pensions of retirees under the Contributory Pension Scheme, CPS when it paid another set of 148 retirees from the Mainstream Civil Service, Local Governments and State Universal Basic Education Board, Teachers Establishments, Pensions Office and other government parastatals.
The Lagos State Pension Commission said the sum of N597m had been credited into the Retirement Savings Account of the retirees as their accrued pensions.
The Akinwunmi Ambode government since August 2015 had been able to pay a total of N24.42bn as accrued pension rights to 5,668 retirees under the Contributory Pension Scheme.
Speaking while presenting the retirement benefit bond certificates to the 35th batch of the CPS retirees, the Director-General, LASPEC, Mrs. Folashade Onanuga, stressed that governor Ambode’s desire is to see the state’s retirees enjoy their retirement without hassles.
She then cautioned the retirees to be careful not to fall victim to scammers.
She informed the retirees of the opportunity for those that prefer life annuity for their monthly pensions, saying that their Pension Fund Administrators would transfer the premium to Pension Fund Custodians appointed by the life insurance companies.
Onanuga noted that in the last two months, only programmed withdrawal benefit option was available.
Mrs. Yetunde Fawehinmi, a legal practitioner and expert on Estate planning educated the retirees under the Contributory Pension Scheme on the importance of Will writing.
“Death is a necessary end, whether you like it or not. It is very important to document how you would like your properties to be shared. If you don’t, it is the government that will do it for you, in case there is rancour among those you left behind concerning your estate” she said