Lagos Govt. Pays 291 Retirees N1.3bn Pension Benefits

Lagos govt. pays 291 retirees N1.3bn pension benefits
Governor Babajide Sanwo-olu

Lagos govt. pays 291 retirees N1.3bn pension benefits


The Lagos State Government on Tuesday said it had paid 291 retirees of the state’s Public Service N1.29 billion accrued pension rights for the month of September.

The Director-General, Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, announced this during the Retirement Bond Certificates Presentation to the 89th Batch Of Contributory Pension Scheme (CPS) retirees in Lagos.

Obilana, represented by Mr Olumuyiwa Oshin, Executive Director, Finance and Investment, LASPEC said that the fund had been paid into the Retirement Savings Account ( RSA) of the beneficiaries.

He noted that Lagos state was passionate about its workforce, which propelled the implementation of the CPS in line with the provision of the Lagos State Pension Reform Law of March 19, 2007, now amended.

“This event has been put together to celebrate you our retirees and also present to you your retirement bond certificate, showing accrued pension rights due to you for the years spent in the service of Lagos State under the discontinued Defined Benefit Scheme (DBS),” he said.

Obilana commended the commitment of Gov. Babajide Sanwo-Olu to the efficient and effective administration of the CPS in Lagos.

He said one of the outcomes of the governor’s commitment was the regular issuance of the Retirement Benefit Bond Certificates to retirees of the state’s public service.

The director general also lauded the support the Commissioner for Establishment, Training and Pensions, Mrs Ajibola Ponnle and the state’s approved Pension Fund Administrators (PFA).

He appreciated the efforts of the insurance companies at ensuring that all retirees in the state had unrestrained access to their pension benefits.

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“I enjoin all our retirees to take very good care of themselves. I pray God grants you good health and peace of mind to enjoy your retirement.

“Please avoid irrelevant expenditure and beware of pension fraudsters,” he advised.

Some of the retirees at the event took turns during the question and answer segment to probe the workings of the Annuity and Programmed Withdrawal options for the payment of their pensions.

They also commended LASPEC and the state government for helping them to process their pension benefits without stress.

Lagos govt. pays 291 retirees N1.3bn pension benefits