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Pension: Lagos HoS Warns Retirees against Profligacy

The Head of Service, Lagos State, Folashade Sherifat Jaji, has warned retirees, especially in the State to desist from extravagant lifestyle, in a bid to use their retirement benefits judiciously.

Sherifat, who stated this in Lagos, said some  retirees were fond of spending their retirement benefits on unnecessary things, such as lavishing money on burial ceremony, birthdays, house warming or marrying a new wife, warning that, this was a contradiction to the purpose the retirement benefits are meant to serve.  She equally warned retirees on gambling and other ventures that could negatively affects their retirement allowance, thereby, depriving them of a better lifestyle.

While warning the retirees, she said: “As senior citizens, you should not subject yourself to ventures that could make you lose what you have saved for the rainy day to trivialities and sharp practices.”

Retirees, she said, should always use their pension benefits to establish themselves, saying, such venture should be an income-yielding business that will allow the owners use the proceeds to meet the financial and social needs of their respective families.

She commended stakeholders, especially, all the Life Assurance Companies, Pension Fund Administrators (PFAs), and Pension Funds Custodians (PFCs) for being professional and ensuring the sustenance of acceptable standard towards making life in retirement stress-free and more rewarding for retirees.

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