28 December 2017

Nigeria: LASG Pays N325 Million Insurance Benefit to Beneficiaries

Lagos State government has paid insurance benefit of N325 million to 104 beneficiaries of deceased employees in the mainstream civil service from August 2015 till date.

Director General of Lagos State Pension Commission, LASPEC, Mrs. Folashade Onanuga, disclosed this at the presentation ceremony of retirement bond certificates to batch 46 of contributory pension scheme retirees in Lagos recently.

Onanuga said, "The State, through the Commission has paid to 104 named beneficiaries of deceased employees in the mainstream civil service, insurance benefit of N325, 000,000.00 from August 2015 to date. This insured death benefit is by law to be paid to named beneficiaries to alleviate the immediate needs of the family members. From January, 2017, the responsibility of payment of the insured death benefit has been ceded over to the insurance department of the Ministry of Finance."

Onanuga said that the state government through the Commission will not rest on its oars until an employee who retires gets his accrued pension rights almost immediately he exits from the service.

Onanuga advised retirees on the two different benefit options open to them for receipt of monthly pension, stating, "Please take time to decide which payment option between the programmed withdrawal and life annuity you would prefer before you go for it. There are different types of life annuity arrangements i.e. level or increasing annuity benefits. So request for advice from your annuity service provider if your choice is annuity plan.

For those who wish to opt for the programmed withdrawal arrangement by Pension Fund Administrators, the National Pension Commission has released the template that allows all retirees under the programmed withdrawal arrangement to be eligible for increase in pension received based on the growth in funds under management."


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