The Lagos State Government has recorded another first in Pension Scheme Administration in Nigeria by being the first State Government to issue Electronic Identity Cards to retirees under the Contributory Pension Scheme.
The Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson-Oke, who spoke during the 61st edition of Retirement Benefit Bond Certificate Presentation Ceremony, assured the retirees that aside from being a means of identification, the innovation will give them access to social welfare benefits in furtherance of government’s commitment to their wellbeing.
At the event held in NECA House, CBD Alausa, 146 Public Service retirees received accrued pension rights totalling N1.1billion Naira which was paid into their Retirement Savings Account.
Earlier, the Director-General of the Lagos State Pension Commission, LASPEC, Mrs. Folashade Onanuga congratulated the retirees for being the first set to receive Electronic Identification Cards.
She reiterated that automation of the State Pension Scheme further proved the commitment of Governor Akinwunmi Ambode to enhance service delivery to civil servants, adding that the issuance of the Identification Cards is geared towards making life easier for retirees as they advance in age.
“The Smart Card is also designed to give the Commission electronic monitoring of the activities of the pension providers. If your pension is paid either through the Programmed Withdrawal option offered by Pension Fund Administrators or through Annuity for Life offered by Life Assurance Companies, we will from the confines of our Office, using your Identification Number, be able to monitor whether the Pension Providers are living up to expectation. We remain committed to your welfare and will keep on developing a robust pension structure in Lagos State Public Service”, Onanuga asserted.
She also advised the retirees who had just received their Retirement Bond Certificates to be careful and exercise wisdom in the investment choices they make, considering the fact that many fraudsters abound who want to reap where they did not sow.
Onanuga drew attention to the fact that ‘the higher the returns offered, the higher the risks’, saying that retirees need not expose themselves to risks that will result in heartaches.