The Lagos State Government has distributed N740 million in pension payments to 348 retirees, demonstrating its commitment to supporting former public servants in their retirement. Mr. Babalola Obilana, the Director General of the Lagos State Pension Commission (LASPEC), confirmed the disbursement at the 107th batch retirement bond certificate presentation ceremony held on Friday in Lagos.
According to Obilana, the payment covers the retirees’ accrued entitlements before the introduction of the Contributory Pension Scheme (CPS) in 2007. He highlighted the state government’s dedication to retirees, noting that Governor Babajide Sanwo-Olu has prioritized meeting pension obligations, further enhancing retirees’ welfare.
“Lagos State has made notable strides in creating a transparent, efficient, and sustainable pension system,” Obilana stated. He added that the CPS implementation in the state aims to ensure a fair distribution of benefits and financial security for retirees.
LASPEC has also launched sensitization programs to educate public service employees on the CPS and the required documentation for processing retirement benefits. These programs feature financial literacy and investment guidance from experts, aiming to equip retirees with tools for effective financial management during retirement.
The Lagos State Government has introduced additional support measures for retirees, including free health insurance and subsidized public transportation. Obilana emphasized that these initiatives underscore the state’s dedication to retirees’ welfare.
In his remarks, Obilana praised the retirees for their contributions to the state, stating, “Your hard work, commitment, and sacrifices have laid the foundation for the progress we enjoy today. Retirement is not an end but a new beginning. Embrace this time with enthusiasm and continue to contribute to your communities.”
LASPEC, established under the Lagos State Contributory Pension Scheme Law of 2007, is tasked with regulating and administering pensions in the public service in alignment with the Pension Reform Act of 2004. Its core objectives include helping state employees save towards retirement and ensuring prompt payment of benefits for retirees.
