Lagos State Pensions Commission, LASPEC on Friday disclosed that the accrued pension rights already paid to retired public servants in the State since the inception of this administration is now in excess of N37billion.
The Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke made this known at the 14th Retirement Benefit Documentation Seminar for employees proceeding on retirement from the State Civil Service between July and December, 2018.
Dr. Benson Oke who was represented at the event by the Permanent Secretary, Civil Service Pensions Office, Mr. Adeola Hundeyin reiterated that the State Government has been consistent in setting aside funds for the payment of accrued rights as prescribed by the Pension Reform Law such that about 9,045 persons have their accrued pension rights paid up to date.
He assured the public servants that government, through Lagos State Pensions Commission (LASPEC), will continue to ensure that retirees would not only get their statutory rights but also continue to receive through other government agencies and programmes, additional support and assistance that will add value to their lives in retirement.
He congratulated the 1,200 intending retirees and enjoined them to take full advantage of the seminar.
The Director-General of LASPEC, Mrs. Folashade Onanuga in her welcome address at the event, said that the periodic seminar usually embarked upon by the Commission was in preparation for life out of office for the retiring public servants.
She added that retirement being another phase of life for eligible government officials makes it instructive for them to plan and prepare adequately for the challenge, especially when the monthly salary would cease and retirees are left with the proceeds from their Retirement Savings Accounts.
“This is the phase you must differentiate your needs from your wants; the phase that you will lose contacts from many who used to be your friends; the phase that, what is most important to you should be good diet and good health care; the phase you need to be closer than before to your Creator in preparation for the final sleep,” Onanuga stated.
She advised the prospective retirees on the administrative steps to be taken to fast track the processing of their entitlements, stressing that the participants should start the entire process immediately, instead of waiting till their last day in office.
“You must follow up with your Agencies to ensure that they forward your documents to the Commission not later than three months before you retire; it is your responsibility to confirm that your pension records are intact and you should also understand the workings of the Programmed Withdrawal Benefit and the Life Annuity in order to make informed decisions” the Director-General counselled.