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Sanwo-Olu approves N1.157b pension for 368 retirees

By NewsDesk, with Agency reports

No fewer than three hundred and sixty-eight public service retirees in Lagos State would have cause to smile despite the hardship occasion by the outbreak of coronavirus as the state’s Governor, Babajide Sanwo-Olu, has approved the release of N1.157 billion for the payment of their Accrued Pension Rights for the month of May.

He said the approval was part of the government’s commitment to ensure the retirees are well-taken care of after their meritorious service to the government and state at large.

The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, who announced the governor’s action said the approval was to ensuring that retirees got paid their terminal entitlements at the appropriate time.

Obilana, through a statement released to newsmen on Wednesday, said all bond certificates for the month of May had been released to the Pension Fund Administrators (PFA) as part of measures to protect beneficiaries from coronavirus transmission.

According to him, the PFA’s will invite beneficiaries in tens for the exit meeting and grant access to their Redemption Savings Account (RSA), for the computation of their lump sum and monthly pension.

The Director-General clarified that payments were being structured based on date of exit and also grade level while assuring that retirees that had yet to collect the bond certificates that they would soon be paid.

Obilana urged the retirees to take advantage of the commission’s electronic platforms to send their correspondents, adding that he would sustain and improve on the accomplishments of his predecessor.

“Scan and send all your documents to the agency through the e-mail address: [email protected] or [email protected]

“For inquiries, retirees can also check their retirement bond certificates readiness at LASPEC portal which is,,” the statement read.

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