By Adedapo Adesanya
The Lagos State Government through the Lagos State Pension Commission (LASPEC), said that it has presented retirement benefit bond certificates worth N1.13 billion to 311 public service retirees.
Revealing this while welcoming the retirees to the 65th retirement benefit bond presentation, the Director- General, LASPEC, Mrs Folashade Onanuga, assured the retirees that the government’s interest in the well-being of the retirees was top priority.
According to her, Lagos State Governor, Mr Babajide Sanwo-Olu, runs a people-oriented government which is sensitive to the yearnings of the populace. She also stated that the Lagos State Governor was willing to pay the pension benefits of the retirees.
While imploring the retirees to be prudent with their pension and use it judiciously, she advised them to beware of fraudsters.
The the retirees were given a lecture by the technical department of the agency on how to link up with their pension fund managers who would help to turn their bond into cash.
Mrs Onanuga further stated the differences between annuity and withdrawal programme to the pensioners, explaining that annuity is a fixed sum of money paid to someone each year, typically for the rest of their life, while the withdrawal programme is a method by which the employee collects his retirement benefits in periodic sums spread throughout the length of an estimated life span.
She then expatiated on the two benefit options available under the contributory Pension Scheme.
Modupe Gbadeyanka