Mr Sanwo-Olu said Lagos State had continued to be the leading light in the administration of pension benefits and generally in good credible governance.
Suggestion on the 75 per cent lump sum was made in the Pension Reform Amendment Bill currently before the National Assembly.
Pension assets transferred among pension fund administrators (PFAs) as of June 2021 were valued at N47.8 billion.
Presently, members of the armed forces, intelligence and secret services are exempted from the contributory pension.
Pension fund assets have risen to N12.66 trillion as of June 30, with contributors under the Contributory Pension Scheme (CPS) hitting the 9.38 million mark, says PenCom.
The commission stated that pension fund assets rebounded in March 2021, having dropped for two months.
According to the report, the funds which ended February at N12.248 trillion rose to N12.34 trillion at the end of March.
