Lagos Gov’t pays N740m accrued pensions

The Lagos State Government has paid N740 million accrued pension rights to another set of 348 retirees.

Mr Babalola Obilana, Director General, Lagos State Pension Commission(LASPEC), confirmed this at the 107th batch retirement bond certificate presentation ceremony on Friday in Lagos.

Obilana said the payment was for the retirees’ past service benefits before the start of the Contributory Pension Scheme (CPS) in 2007.

According to him, the state government is committed to supporting retirees throughout their retirement journey.

Obilana commended Gov. Babajide Sanwo-Olu for his prompt support payment of pension obligations.

He also lauded the governor for the various policies initiated to better the lives of the retirees.

The director general explained that Lagos State has made significant strides in enhancing transparency, efficiency, and sustainability of its pension systems.

He stated that implementation of the CPS provided a more equitable distribution of benefits, ensuring that all workers had access to a reliable pension at retirement.

According to him, LASPEC is committed to maintaining an efficient and robust pension process.

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.”

LASPEC has also launched sensitisation programmes to educate current employees and those close to retirement about the CPS and the necessary documents for processing retirement benefits.

These events featured experts, who are specialists in financial literacy and investment options.

Obilana said this was to ensure that the state’s retirees were well-equipped to manage their finances effectively in their new phase of life.

He added that the state government had also implemented free health insurance and subsidised public transportation for Lagos State retirees, demonstrating 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.

Also speaking at the event, Mrs Funmilayo Aiyelabola, a retiree, appreciated the state government for having the interest of the retirees at heart.

She also commended the LASPEC team and the Pension Fund Administrators(PFAs) for their support and for being highly professional in processing the retirement benefits.