Lagos Pension Commission distributes N1.52 Billion to 798 Retirees

As part of its dedication to supporting senior citizens and retirees who have served the Lagos State Government, the administration of Governor Babajide Sanwo-Olu issued a total of N1.52 billion to 798 retirees from the Lagos State Public Service on Monday.

The retirement bond certificates, amounting to ₦1,520,223,053.19, were distributed during the 110th Batch Retirement Bond Certificate Presentation Ceremony held in Alausa, Ikeja. The ceremony saw hundreds of retirees in attendance to receive their certificates in person.

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During the event, Mr. Babalola Obilana, the Director-General of the Lagos State Pension Commission (LASPEC), emphasized that this initiative highlights Governor Sanwo-Olu’s commitment to ensuring that retirees receive their benefits promptly. He noted that Lagos operates on a pay-as-you-go pension system, which allows for immediate payments once all necessary documentation has been finalized.

“Today’s ceremony is a testament to the commitment of the Lagos State Government towards the well-being and financial security of its workforce. It signifies the fulfilment of obligations under the Contributory Pension Scheme (CPS), ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers”, Babalola said.

“The Lagos State Government has made significant strides in pension administration over the years despite various challenges. Today, we can proudly say that the CPS in Lagos State is one of the most efficient and well-managed pension systems in the country. The Lagos State Pension Commission (LASPEC) has consistently worked with various stakeholders: 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.

“I want to thank Mr Governor, Babajide Olusola Sanwo-Olu, for his constant support in ensuring the prompt payment of pension obligations. Today, Mr Governor will be presenting another set of 798 retirees with their retirement bond certificates worth a total of ₦1,520,223,053.19, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.”

Obilana stated that LASPEC has been committed to ensuring timely pension payments, mentioning that the 110th Batch will be part of a long history of retirees who have received their benefits promptly, reflecting our dedication to providing financial security for public servants.

He also encouraged retirees at the event to be prudent when planning how to utilize their retirement funds.

After receiving their bond certificates, Mrs. Funto Olaitan Aina and Mr. Olayinka Ramoni Alaka spoke on behalf of the retirees, expressing their appreciation to the government and describing the bond as timely and transformative.

They also praised the Babajide Sanwo-Olu administration for their support of retirees and urged the Lagos State Government to maintain and enhance the system for future pensioners.

“I am extremely happy. We are receiving our bond. What we have been looking out for is now a reality. We thank the Lagos State Government for making it a reality. When I collect the money, I am going to sit back and think well about what I want to do with it before going out to do whatever. The payment was prompt because I retired last year, and I am getting my bond certificate a year after. So, I want to implore them to continue to do the best,” said Aina, who retired from the Ministry of Environment and Water Resources.

Additionally, Olayinka Ramoni Alaka, who retired last year from Lagos State Public Service, said: “I feel happy receiving my pension today. I am a Town Planner and I am still doing my work. I will add the money to my business and continue with my business. The Lagos State Government has been doing very well. From what I have seen from other states, they have not been paying their pensioners, but Lagos State pays as and when due, and it has been a seamless process.”