Lagos RSA hits N78 billion

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Lagos State Government had grown its public servants’ retirement savings account (RSA) being maintained by the 10 Pension Fund administrators to the tune of N78.592billion as at March 2017, according to state chief executive, Mr. Akinwunmi Ambode.

Ambode who disclosed at a magazine launch and award ceremony organised by the Peninscope Professional Warranty Limited, publishers of the Pension Scope Magazine, added that his administration gives priority to payment of pension to retired civil servants, stressing that government will continue to fulfil its obligations to retirees regularly and promptly.

Speaking at the event, the Governor who was represented by the State Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke said the government has been consistent in the payment of accrued pension rights since the commencement of the Retirement Benefit Bond Certificate presentation in 2010.

“The issue of the welfare of pensioners is one that is paramount to this administration. Apart from the fact that it is a moral obligation which government must discharge with all sense of responsibility, regular and prompt payment of pensioners’ entitlement is key to the fulfilment of our pledge to make life more comfortable for retirees after many years of service to the State,” he said.

The Governor said the feat has become possible with the huge investment in ICT infrastructure to support an efficient, transparent and accountable pension administration system through the State Pension Commission (LASPEC) and other established pension offices.

Ambode said further that there is a monthly contribution into a sinking fund account to ensure that adequate provision is made for payment of pension liabilities, adding that the objective of this fund is to meet pension liabilities which may arise due to unforeseen voluntary retirement.

Also speaking, Mr. Peter Adediji, Group’s Chairman and Convener of the event said this year’s programme is aimed at looking at various government policies as they relate to the investment of pension and insurance funds among others relevant issues.

On the contributory pension scheme, he disclosed that Lagos State has been a shining example of the scheme with its demonstration of the goodwill to fully implement the Nigeria Pension Act.

While congratulating the State on its achievements on pension matters so far, he urged the administration not to relent in the implementation of the scheme.

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