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183 Pensioners in Lagos to Share N1.24b

By Modupe Gbadeyanka

An additional N1.24 billion has been released by the Lagos State government for payment of pension entitlements of 183 public service retirees under the Contributory Pension Scheme Dispensation for the month of March 2018.

Commissioner for Establishments, Training and Pensions, Dr Akintola Benson Oke, reiterated the commitment of the current administration to ensure payment of terminal benefits of retired employees of the state government.

Mr Oke, at the 49th Retirement Benefit Bond Certificate presentation ceremony held on Wednesday in Ikeja, stated that 8,731 retirees had accrued pension rights of over N35 billion paid into their Retirement Savings Accounts from the inception of this administration to date.

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He added that, “Despite the fact that funding obligations are huge, Lagos State is very consistent in payment of pension entitlements due to Governor Akinwunmi Ambode’s commitment and diligence”.

On her part, Director-General of the Lagos State Pension Commission, Mrs Folashade Onanuga, assured the retirees that the government will still keep in touch with them after they have collected their Bond Certificates to know how they are faring in retirement, especially on their birthdays, through the Post Service Department, in the Office of the State Head of Service.

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She advised the retirees to make an informed decision about the choice of either Programmed Withdrawal or Life annuity option for receipt of terminal entitlement.

Responding on behalf of the retirees, Mrs Ego Onwuzubike thanked the government for its good gesture towards former employees and appealed to her colleagues to “shine their eyes” when filling forms with their PFAs by asking questions whenever in doubt.

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“The two exit options are good, depending on what you want, and no particular one should be forced on any retiree. Read the instruction very well before you fill your forms,” she said.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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