The Director-General, Lagos State Pension Commission, Mr. Rotimi Hussain, said that state had paid N26.2bn to 4,990 under the Contributory Pension Scheme.

He said this during the 11th retirement bond certificate presentation to retirees of the Lagos State public service in Lagos.

Lagos pays with this second and concluding tranche of the 11th batch, the administration has to date paid a total sum of N26.2bn to 4,990 beneficiaries,” Hussain said.

He said that during the first tranche of the certificate presentation, 437 retirees majorly drawn from the local government areas and state Universal Basic Education Board, were paid N1.72bn.

Dudring the second tranche, he added, 354 retirees received N1.78bn, being their accrued rights for past service to the state prior to the commencement of the CPS in April 2007.

According to him, the benefits accrued to each of these beneficiaries have already being remitted into their Retirement Savings Account with their respective Pension Fund Administrators.

“With the payment of this second and concluding tranche of the 11th bond presentation, Lagos State has paid a total sum of N3.5bn to 791 retirees,” he said.

Hussain said that Lagos has brought to fore, the benefits and advantages inherent in the CPS as against what was obtainable under the old pay as you go scheme.

He noted that the implementation of the CPS in Lagos has proven to every doubting person that the scheme works.

“The scheme has been found to be safe, fully funded, portable, transparent, convenient, ensures instant payment of lump sum and guarantees payment of retirement benefits to the next of kin even when the main beneficiary has passed on,” he said.

Head of Service, Mrs. Oluseyi Williams, urged the pensioners to live within their means and not get involved in any unfamiliar business which could make them fall victim of fraudsters.

She said Lagos has the Post Service Department with a major role to ensure that the welfare of retired employees is given its pride of place and priority.

“The office through the department has since continued to intensify efforts at ensuring that retirees continued to live well in retirement as it maintains regular contacts with them and offer them necessary assistance through phone calls and occasional visitation,” he said.