Lagos pension fund hits N39.5bn –DG

[Mirror]

The Lagos State Contributory Pension Scheme, LSCPS, fund has hit N39.5 billion, according to the Director General of the state Pension Commission, Mr. Rotimi Hussain.

Hussain also said that about 3,304 retirees from the state public service were currently enjoying the retirement benefits.

He made the disclosure yesterday at the fourth pre-retirement seminar for workers retiring from the state public service between July and December, held at the Adeyemi Bero Auditorium, Alausa.

The DG said N18,031,148,931.06 had been credited to the Retirement Saving Accounts, RSAs, of the retirees within the period.

Hussain said the seminar would, among other things, explain the procedures for processing the retirees' end of service benefits and how to ensure that their RSAs were up to date with payment of their contributions.

He said: "This feat is a clear indication that the contributory pension scheme is working perfectly well in Lagos State.

"The scheme is the best to have happened to Nigerian workers, especially as it came to douse tension and erase the fear usually being entertained by workers about what the future holds for them in retirement, with regards to their pension benefits.

"The CPS has come to put a hold to the challenges workers faced in accessing their retirement benefits under the Pay-Go Scheme and make the retirement relatively easy."

On the rationale for organising the seminar, Hussain said government decided to create the forum to help the retirees prepare for physical, emotional and financial well-being in retirement.

He added that the seminar would put them be in a better position and right frame of mind to enable them build a vibrant and rewarding life in retirement.

National Mirror