The Lagos State Government said on Tuesday that it has paid N1.29 billion in accrued pension rights to 291 retirees from the state’s public sector for the month of September.
Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission (LASPEC), made the announcement during the presentation of Retirement Bond Certificates to the 89th Batch of Contributory Pension Scheme (CPS) retirees in Lagos.
The amount had been paid into the beneficiaries’ Retirement Savings Account (RSA), according to Obilana, who was represented by Mr. Olumuyiwa Oshin, Executive Director, Finance and Investment, LASPEC.
He stated that Lagos was committed to its workforce, which prompted the adoption of the CPS in accordance with the Lagos State Pension Reform Law of March 19, 2007, as modified.
“This ceremony has been organized to honor you, our retirees, and to present you with your retirement bond certificate, which shows the earned pension entitlements due to you for the years spent in the service of Lagos State under the now-defunct Defined Benefit Scheme (DBS),” he added.
Obilana commended the commitment of Gov. Babajide Sanwo-Olu to the efficient and effective administration of the CPS in Lagos.
One of the results of the governor’s promise, he noted, was the regular issuing of Retirement Benefit Bond Certificates to state government retirees.
The state’s approved Pension Fund Administrators and Commissioner for Establishment, Training, and Pensions, Mrs. Ajibola Ponnle, were also praised by the Director-General (PFA).
He praised the PFA’s efforts to ensure that all state pensioners have unrestricted access to their pension funds.
“I encourage all of our retirees to look after themselves. I pray that God blesses you with good health and peace of mind so that you can enjoy your retirement to the fullest.
“Avoid unnecessary spending and be wary of pension scammers,” he urged.