The Lagos State Government has paid N64billion as pension contributions from April 2007 to March 2016 into its active employees Retirement Savings Account, RSA, managed by the 10 Pension Fund Administrators, PFAs, approved by the State.
The Director-General, Lagos State Pension Commission,LASPEC, Folashade Onanuga who made this known at the 10th Retirement Benefit Documentation Seminar for employees who are due to retire from the Lagos State Public Service between July and December this tear.
Onanuga said that to date, on a total number of 10,334 retirees, accrued pension rights of about N48 billion has been paid by the state government.
She also said that the state government’s funding of employees’ pension rights under the contributory pension scheme is approximately N112 billion, adding that from August, 2015 to April, 2016, the sum of N13.7 billion naira was paid to 3,069 retirees.
She further stated that the commission is set to pay another batch of retirees this month.
She noted that the commission ensures that all accrued pension rights in terms of entitlements for years spent in service before the commencement of the CPS are credited into the RSA accounts.