Pension: Lagos State pays N80b into RSA in 10 years – Official

Pension

Lagos State Government said it had paid more than N80 billion into the Retirement Savings Accounts of its retirees since the commencement of the Contributory Pension Scheme in 2007.
The Lagos State Pension Commission said this in a statement in Lagos by its Head of Public Affairs Unit, Basirat Lawal, on Thursday.
Lawl said: “As at September, 2017, LASG paid more than N80 billion into the Retirement Savings Accounts of its retirees since the commencement of the Contributory Pension Scheme in 2007.’’
The commission said the state government had also disbursed N710 million as pension to 153 retirees in October and paid accrued pension rights of N31.822 billion to 7,677 retirees from August 2015 till date.
She said: “This is aside the mandatory 15 per cent contributions which the government remits monthly into the Retirement Savings Account of the retirees.”
Lawal quoted the Director-General of LASPEC, Folashade Onanuga, as saying that Ambode’s administration would continue to  boost the socio-economic well-being of citizens, in spite the over N200 billion pension liabilities on the state.
She said that Onanuga, however, advised pensioners to be wary of pension fraudsters, take very good care of their health and desist from spending on frivolities.
She said: “Retirees must always collect their statement of accounts from their Pension Fund Administrators’s for monitoring.
Lawl said: “There is also need to create Oracle HR application field for Additional Voluntary Contributions.
“The funds are invested and can be accessed immediately by a retiree on retirement.’’
Onanuga said more innovations had been introduced into the state pension’s Information Communication Technology infrastructure to ensure that pension operations were flawless and less cumbersome.