The Lagos State Government has in the last three months released N2.04 billion to clear the arrears of pensions under the Contributory Pension Scheme.

Mrs Folashade Onanuga, the Director General of the Lagos State Pension Commission made this known in a statement in Lagos on Monday.

Onanuga said that the sum represented money released for the months of May, June and July.

She said that N859.06 million was released for the retirees in May, N716.9 million in June and N466.9 million in July, totalling N2.04 billion.

She, however, emphasised that the total pensions fund released by the state government under Governor Akinwunmi Ambode’s administration as of June had hit N38 billion covering  9,214 retirees.

Onanuga said that insurance benefits of N40.2 million were also paid to 15 beneficiaries of deceased employees.

She said that the state employees were expected to have signed-up a Retirement Saving Account with one of the 13 PFAs approved by the state.

The LASPEC boss said the PFAs were AIICO Pension Managers, ARM Pensions, Crusader Sterling Pension, Fidelity Pension Managers, Leadway Pensure, Nigerian Life, and Provident Company, Pension Alliance, and Premium Pension.

The others were Stanbic IBTC Pension Managers, Trustfund Pensions, Sigma Pensions, FUG Pensions, and Legacy Pension Managers.

Onanuga said that the governor was committed to the welfare of retirees and was working toward clearing accrued pension backlogs that the administration inherited under the old pension scheme known as Defined Benefit Scheme.

“Retirees that retired solely under CPS for one reason or the other collected their gratuities upon retirement with steady monthly pension payments because the pension funds under CPS is intact,” Onanuga said.

(NAN)