The Lagos State Government 
has remitted a total of N21.37bn into the Retirement Savings Accounts of 3,884 retirees under the Contributory Pension Scheme.
The Director-General, Lagos State Pension Commission, Mr. Adekunle Hussain, stated this during the presentation of retirement bond certificates to the ninth batch of retirees in Lagos on Friday.
He said that currently, the state had registered 135,000 employees under the CPS.
Hussain said, “Part of this ninth batch of retirees numbering 185 were paid the sum of N943.14m in September this year. Today, we are gathered to witness the presentation of Retirement Bond Certificates being the total accrued rights of N2.4bn only to another set of 395 retirees. This particular set of 395 retirees form the second tranche of the ninth batch of our RBC presentation, thus bringing the total number of the ninth batch beneficiaries to 580 retirees.
“Therefore, with today’s presentation, the Lagos State Government has so far in the history of the CPS remitted a total of N21. 37bn into the RSAs of 3,884 retirees.”
According to him, this was made possible through the commitment and support of the present administration in the state, which ensures that funds are made available for monthly remittances as well as the commitment of the board, management and members of staff of the commission, who worked relentlessly towards this success.
The state, he added, had remained steadfast in its commitment to sustaining a full implementation of the pension scheme even beyond the present administration.
He said that solid and well-defined structures had been put in place to ensure that the statutory five per cent contribution that goes into the Redemption Fund Account created for the purpose of redeeming the retirement bonds, is sustained.
The LASPEC boss said that the state also maintained a Pension Sinking Fund Account, which is funded monthly to ensure that funds are available to meet unforeseen pension liabilities that may arise in situations where more than those projected to leave the service voluntarily decide to do so.
