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Lagos govt pays N45bn into workers’ pension accounts

Babajide Sanwo-Olu

Lagos State Government has paid N44.5bn into workers’ retirement savings accounts, covering May 2019 to October 2022.

The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, spoke at the 23rd Retirement Benefit Documentation Seminar for employees due to retire from Lagos State Public Service between January and July, 2023.

He said, “The State Government is committed to the speedy resolution of pension issues and is constantly innovating to deliver first-class service to our retirees and intending retirees. Since the inception of the present administration in May 2019, over N44.5bn has been credited into the RSAs of 11,854 retirees.”

He said the Lagos State Pension Commission had implemented and supported various reforms and business processes such as the RSA transfer window, automation of business processes, inspection of pension fund administrators to ease the burden of the senior citizens.

The director-general said the state would not relent in its efforts to secure the workers’ financial freedom.

He said, “We believe that your retirement should be seamless and stress-free after spending a significant amount of your productive years in service to the state.

“Today, you will be educated on the recent updates to the contributory pension scheme. There will be valuable information on managing your health and personal finances in retirement. Investment and estate planning tips will also be shared so we can maximise and fully enjoy our pension entitlements.”

The event, he said, was in collaboration with the state’s approved pension fund administrators and annuity service providers.

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