The state government also paid insurance benefits worth N170m to relatives of deceased workers in the state.
The Commissioner for Establishments, Training and Pensions, Dr. Akintola Oke, said this during the presentation of retirement benefit bond certificates to the 34th batch of retirees of the state public service on Friday.
He said, “Today, on 495 retirees, the sum of N1.9bn will be credited into your Retirement Savings Accounts.”
Oke said that between August 2015 and November 2016, the state government paid accrued pension rights of N21.92bn to 5,027 retirees.
As of the end of November 2016, he said the accrued pension rights of about N55.94bn had been paid to 12,426 retirees since the commencement of the CPS in 2010.
The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, said the state government through the commission had earlier paid over N114m insurance benefits to named beneficiaries of some deceased employees.
She added that it paid another N56.1m as death benefits, bringing the total to about N170m.
Onanuga said, “The insured death of 320 per cent of the terminal salary of a deceased worker is designed by law to be paid to alleviate the immediate needs of the family members left behind. The estate of a deceased worker is also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before the commencement of the CPS.”
The director-general also said that only programmed withdrawal benefit option was currently tenable, adding that life insurance companies would open operational accounts jointly with Pension Fund Custodians so as to secure the pension funds for the payment of annuity entitlements.
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