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The Lagos State Government has disbursed N740 million in accrued pension rights to another batch of 348 retirees.
Mr. Babalola Obilana, Director General of the Lagos State Pension Commission (LASPEC), confirmed the payment during the 107th batch retirement bond certificate presentation ceremony on Friday in Lagos, as reported by NAN.
Obilana noted that the payment covers the retirees’ past service entitlements before the Contributory Pension Scheme (CPS) was introduced in 2007.
He emphasized the state government’s dedication to supporting retirees throughout their retirement.
The director general praised Governor Babajide Sanwo-Olu for his prompt response in meeting pension obligations and acknowledged the governor’s initiatives aimed at improving retirees’ welfare.
Obilana highlighted Lagos State’s progress in enhancing transparency, efficiency, and sustainability within the pension system.
He further noted that the implementation of the CPS ensures a fair distribution of benefits, providing all workers with reliable pensions at retirement.
He said:
“My team is consistently focused on improving our processes, ensuring timely payments, and enhancing the overall experience for retirees.
“Our dear state has transited to paying retirement benefits in the same year our officers retire.
“This is an accomplishment that reflects our dedication to fulfilling Gov. Sanwo-Olu’s goal of financial security for Lagos State retirees.”
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LASPEC has introduced sensitization programmes to educate current employees and those nearing retirement about the Contributory Pension Scheme (CPS) and the required documents for processing their retirement benefits.
The programmes featured experts specializing in financial literacy and investment options.
Obilana explained that the initiative aims to equip retirees with the knowledge needed to manage their finances effectively during retirement.
He further noted that the state government has provided free health insurance and subsidized public transportation for Lagos State retirees, underscoring its commitment to their welfare.
“I extend my heartfelt congratulations to each retiree receiving their retirement bond certificate today.
” This is a moment to celebrate your achievements, contributions, and the legacy you left behind.
“We celebrate the culmination of years of dedicated service by our retirees, who have tirelessly contributed to the growth and development of the state.
“Your hard work, commitment, and sacrifices have laid the foundation for the progress we enjoy today.
“Let me remind you that retirement is not an end but a new beginning.
“Embrace this time with enthusiasm, pursue your dreams, and continue to contribute to your communities in meaningful ways,” he said.
What you should know
The Lagos State Pension Commission (LASPEC) was established by the Lagos State Contributory Pension Scheme Law 2007 as a corporate entity to regulate, supervise and ensure the effective administration of pension matters in the Lagos State Public Service in accordance with the provisions of the Pension Reform Act 2004.
The main objectives of the Lagos State Pension Reform Law are:
- To assist all persons in the employment of the State Government to save towards their retirement.
- To ensure that persons who leave or retire from the Public Service of the State receive their terminal or retirement benefits as and when due.
- To establish a set of rules and regulations for the administration and payment of retirement benefits in the Public Service of the State.
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