The Lagos State Government is to introduce an efficient pension scheme for its workforce.
The News Agency of Nigeria reports that under the new regime, retirees will be paid their gratuities within three months after retirement.
The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, said the new regime would soon be inaugurated.
“The Lagos State Government is working towards a three-month gratuity collection regime.
“We are working towards a regime that all pensioners will be able to access their gratuities within three months after retirement,” she said.
Onanuga also said the government was committed to the welfare of retirees as backlog of pensions had been cleared.
She said, “The state Governor, Akinwunmi Ambode, is fully committed to retirees’ welfare as he is working towards clearing pension backlog the administration inherited under the old pension scheme known as the Defined Benefit Scheme before the Contributory Pension Scheme was introduced in 2004.
“He has cleared the pension backlog up till 2015.
“About N37bn has been released for 9,045 retirees since he assumed office.”
The director-general advised retiring workers in the employ of the state government to study the two options available to them at retirement carefully before making decisions.
According to her, the two options are Programmed Withdrawal and Annuity.
Onanuga, who described some Pension Funds Administrators as hoodwinkers, said they had been deceiving retiring employees into taking wrong decision’s for their own selfish reasons.
“It is important to note that pension fraudsters are still out there; retirees must be vigilant and courageous not to sign negative deals; be wise,” Onanuga said.
She said the commission, between July and December, held a seminar on retirement benefits and documentation in order to guide prospective retirees in the state public service.
“The commission ensured that the 1,200 workers slated for retirement between July and December participated.
“The prospective retirees were equipped with retirement features and healthy lifestyles in retirement among others,” she added.
Onanuga emphasised that it was the responsibility of the prospective retirees to study and master the features.
She said, for instance, a retiring employee ought to have signed up a PFA and his or her monthly contributions remitted into his or her Retirement Saving Account.
“The Lagos State Government approved 13 PFAs for its workers, which they could check out before making their decision,” she added.
Source: Punch
