Sanwo-Olu clears N68bn pension arrears for retirees in Lagos

Governor Babajide Sanwo-Olu of Lagos State has settled N68.5 billion in pension arrears for retirees in the state’s public service.

The Head of Service Lagos State,(HoS) Mr Bode Agoro, disclosed this on Tuesday in Lagos.

Agoro spoke at a public sensitisations on Contributory Pension Scheme (CPS) for public servants in the state, organised by Lagos State Pension Commission (LASPEC).

The HoS hailed Sanwo-Olu for his continuous efforts in ensuring that the senior citizens receive their retirement benefits immediately they exit the service.

He also commended the governor for placing premium on the well-being of the public servants, as well as the retirees.

He said the CPS, which was passed into law on  March 19, 2007 in Lagos, was to provide a sustainable retirement plan that ensures financial security upon staff retirement from active service.

“Since its introduction, a lot of government policies have been made to strengthen the Nigerian pension industry, provide security for citizens’ savings, well as protect workers’ retirement benefits.

“However, all these policies have come with the need to align ourselves, as workers, with the evolvement of the scheme.

“Knowledge, they say is power, and information is key. Therefore, a man without the right information will no doubt be deformed,” he said.

According to him, the need to avoid misinformation regarding the CPS, led to the sensitisation orgnaised by LASPEC, to disseminate vital information about important updates and changes on the CPS as it affects stakeholders.

The HoS added that the state had continually embarked on data updating exercise, occasioned by linking of National Identification Number (NIN), to all of the existing accounts, be it in the banks, telecommunication service providers and others.

He noted that it was imperative to have the data recaptured with the Pension Fund Administrators (PFAs) to ease documentation, facilitate processing and smooth pension payments upon retirement.

According to him, for those who just have their service documents regularised, changed locations or names, the exercise was poised to provide them with fresh opportunities to register such changes with their PFAs, accordingly.

He said: “Considering the different development that public servants might have experienced over the years, this exercise will be made periodic to allow you register such development with your PFAs.

“This is to enable updated information that will ease processing of your retirement benefits by LASPEC as well as the PFAs.

“As partners in progress, our PFAs will be made available at the Adeyemi-Bero Auditorium at Alausa, Ikeja, for four days as scheduled in our circular, to attend to your proper documentation.”

He urged the workers to pay attention to the vital information  concerning the pension scheme.

“Let me reiterate that this exercise is not aimed at stressing anybody, however, it is an avenue to ease the process of receiving your retirement benefits as soon as you exit the services,” he said.