Ogun begins disbursement of additional pension benefits to LG, SUBEB retirees

The Ogun State Government has commenced the issuance of cheques for Additional Pension Benefits (APB) to more than 200 retirees from the Local Government and State Universal Basic Education Board (SUBEB) sectors under the Contributory Pension Scheme (CPS).

The disbursement, coordinated by the Bureau of Local Government Pensions, is part of efforts by Governor Dapo Abiodun to improve the welfare and living standards of pensioners in the state.

Speaking during the presentation of the cheques to beneficiaries at Oke-Mosan, Abeokuta, the Permanent Secretary of the Bureau, Engr. Olufisan Osiyale, said the APB initiative was introduced and approved by the governor to reward retirees for their years of service and enhance their welfare after leaving public service.

Osiyale explained that the initiative was designed to address the disparity in pension payments between retirees under the Defined Benefit Scheme (DBS) and those under the Contributory Pension Scheme (CPS).

He described the APB as the first initiative of its kind in the implementation of the CPS in Nigeria.

According to him, the APB is a one-off payment made directly into the accounts of eligible retirees upon exit from service and will run for a period of 10 years.

He added that retirees under the CPS would receive between 116 per cent and 280 per cent of their Annual Total Emolument (ATE), depending on the number of years spent in service.

The permanent secretary noted that the scheme was designed to stabilise retirees’ monthly pension payments and shield them from financial difficulties in retirement.

Also speaking at the event, the Permanent Secretaries of the Ministry of Local Government and Chieftaincy Affairs and the Local Government Service Commission, Dr. Rotimiolu Akinlesi and Engr. Mrs. Olanike Ogunbona, described the initiative as commendable.

They praised Governor Abiodun for prioritising the welfare of workers and pensioners, describing him as a leader committed to the wellbeing of retirees.

They, however, advised beneficiaries to invest the funds wisely, particularly in low-risk ventures, rather than spending the money on non-essential items.

In his remarks, the Ogun State President of the Nigeria Union of Local Government Employees (NULGE), Comrade Adebayo Adefesobi, represented by the union’s Vice President, Comrade Fatai Akiode, said the disbursement of the APB had helped to ease the concerns of retirees.

He also urged the government to ensure the continued remittance of employer and employee pension contributions to Pension Fund Administrators (PFAs).

Similarly, the State Chairman of the Local Government Pensioners Association of Nigeria (LOGPAN), Pastor Benedict Ademoye, described the initiative as a welcome development.

He commended the governor for addressing the backlog of gratuities inherited from previous administrations, describing the move as evidence of compassionate leadership.

The representative of the Pension Fund Administrators, Mr. Ismail Salau, explained that the Contributory Pension Scheme is a secure system that guarantees retirees monthly pensions for life.

He urged beneficiaries to inform other retirees about the initiative in order to dispel misconceptions about the scheme.

Responding on behalf of the beneficiaries, Mr. Ajayi Amos and Mrs. Dorcas Agboola expressed appreciation to the state government, saying they were delighted to receive the cheques during their lifetime.

They noted that the gesture reassured them that their years of service had not been forgotten and pledged to share the good news with other retirees.