658 retirees get bond certificates in Lagos

Speaking at the presentation ceremony  in Lagos, Ambode said that since the inception of the Contributory Pension Scheme (CPS), Lagos State has continued to be in the forefront of ensuring efficient and effective pension scheme administration.

He described the CPS as one of the finest things democracy has bequeathed on Nigerian workers. According to him, the scheme is sustainable as it solves the challenges of past pension scheme administration which relied totally on budgetary allocations of government.

The governor, who was represented by his Deputy, Dr. Idiat Oluranti Adebule described employees in the state civil service as government’s greatest assets, adding that his administration is committed to ensuring that retirees live in peace and comfort in retirement.

While urging regular remittances of contributions into employees Retirement Savings Account, he disclosed that the present administration would not tolerate non-conformity with the State Pension Reform Law by agencies as the government has resolved to look into the delay by some parastatals in paying their outstanding liabilities.

Earlier, Director General of the Lagos State Pension Commission, Mrs. Folashade Onanuga, stated that it is the practice of the Pension Board to issue bond certificates to public servants on retirement from the mainstream service, primary, secondary schools and local government establishments.

She noted that all those who had retired in the state but were yet to receive their entitlements would soon be paid.

‘’The Lagos Sate Government has consistently funded Retirement Bond Redemption fund Account with an amount equal to 5% of the total monthly personnel cost of the active workers,” she said, adding that they are made up of gratuity and pension entitlements for active service rendered before the commencement of the Contributory Pension Scheme in April 2007.