The Lagos State Government has disbursed over N1.007 billion in accrued pension rights to 488 retirees from its public service sector.
The amount disbursed was the past service benefits of the retirees prior to the beginning of the Contributory Pension Scheme (CPS) in 2007.
Mr Babalola Obilana, Director General, Lagos State Pension Commission(LASPEC), disclosed this at the 108th Batch Retirement Bond Certificate Presentation Ceremony to the state’s retired public servants in Lagos.
Obilana said that the Lagos State government had made significant strides in pension administration over the years in spite of various challenges.
He stated that the ceremony demonstrated the state government’s commitment to the welfare and financial security of its workforce.
According to him, this signifies the fulfillment of the state’s obligations under the Contributory Pension Scheme (CPS) in ensuring that its retirees receive their benefits.
“We can proudly say that the CPS in Lagos State is one of the most efficient and well-managed pension systems in the country.
“LASPEC has consistently worked with various stakeholders, namely, the Pension Fund Administrators, Annuity Service Providers, Lagos State Ministries, Departments, Agencies and other relevant bodies to ensure the smooth processing of pension entitlements for all retirees.
“The commission remained steadfast in ensuring that pensions are paid on time.
“In fact, the 108th batch will join a long list of retirees who have received their benefits promptly, as part of our commitment to uphold the promise of financial security to public servants,” he said.
The director-general noted that LASPEC had launched, and would continue to implement trainings and sensitisation programmes, aimed at equipping public servants, particularly directors, administrators and human resources.
He said that others included the training of Pension Desk Officers with the knowledge and skills needed to effectively navigate the pension system and ensure the timely payment of retirees’ entitlements.
According to him, LASPEC is committed to ensuring that the pension system continues to meet the needs of both current and future retirees.
He added that the system must remain adaptable, responsive to the economic realities of the time and increasingly inclusive of diverse forms of retirement savings.
The director-general stressed that as the Lagos State Government continued to grow and evolve, noting that LASPEC aimed to strengthen its engagement with all stakeholders.
Obilana said that the commission also aimed at enhancing the financial literacy of retirees, and continue to explore innovative solutions to pension management.
He mentioned that LASPEC also plan to expand its outreach efforts, providing retirees with more resources to help them plan for a secured future.
Obilana added, “I want to once again extend my heartfelt congratulations to all retirees in the 108th batch.
“I also want to thank Gov. Babajide Sanwo-Olu, for his constant support in ensuring the prompt payment of pension obligations.
“To my incredible team at LASPEC, thank you for the late nights and the tireless dedication you have put into making the CPS a success in Lagos State.
“I look forward to continuing this journey with you, as we work towards a future where every retiree can look back with pride and forward with confidence.”
Responding, a retiree, Mrs Oluwabukola Salako, appreciated Sanwo-Olu for his commitment to prompt payment of pension benefits in the state.
Salako also thanked the LASPEC team, led by Obilana, for the smooth and seamless processes of their pension rights, while praying that God grants the retirees good health and long life to enjoy their entitlements. (NAN).
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