Lagos state pays N1,157B to another set of retirees

The Lagos State Governor, Mr. Babajide Sanwo-Olu is sitting down

The Lagos State Governor, Mr. Babajide Sanwo-Olu has approved the release of the sum of N1,157 billion for the payment of Accrued Pension Rights to 368 public service retirees.

This was disclosed by the Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana while giving an update on payments of pension for the month of May 2020, in Ikeja.

He appreciated Lagos State Government for its commitment to ensuring that retirees get paid their terminal entitlements promptly despite the economic effect of the Coronavirus pandemic.

According to him, all Bond Certificates for the month of May 2020, have been released to the Pension Fund Administrators (PFA) who will invite beneficiaries in small numbers for the exit meeting and grant access to their Redemption Savings Accounts (RSA) for the computation of their Lump Sum and Monthly Pensions.

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While assuring retirees of sustaining and improving upon the accomplishments of his predecessor, Obilana implored retirees who are yet to collect their Bond Certificates of payment because receipt of entitlements is structured based on the date of exit and grade level.

Speaking further, he advised retirees to invest their money wisely, so that they can live a stress-free life in retirement.

The Director-General also urged the retirees to scan and send all their documents to the agency through the e-mail address: info@laspec.gov.ng or morenike.makinde@laspec.gov.ng, adding that they can also check for updates on their Retirement Bond Certificates at LASPEC portal: www.laspecportal.com.ng.