Mr Babalola Obilana, Director -General, Lagos State Pension Commission (LASPEC ) announced this at the Retirement Bond Certificates Presentation to the 84th batch of the Contributory Pension Scheme (CPS) retirees held in Lagos on Thursday.
Obilana stated that the fund had been transferred by the state to the retirees various Pension Fund Administrators (PFA’s) who have confirmed receipt and would begin disbursement within a couple of days.
He said the state has been consistent with its leadership role in the implementation of the CPS in line with the provision of the State Pension Reform Law of March 19, 2007, now amended.
He explained that the event was organised to celebrate the elder statesmen who had laboured in the state’s public service and also to present them their retirement benefit bond certificates.
According to him, the bond certificates shows the accrued rights due to the retirees for the years spent in the service of Lagos State under the discontinued Defined Benefit Scheme.
“You have worked for 35 years and by God’s grace, you will not spend your money on illness.
“Please take very good care of yourself, as health is wealth and the Coronavirus is still very much around.
“Desist also from unimportant spending and beware of pension fraudsters,” Obilana advised.
The director-general hinted that the state government was also working on modalities for the implementation of the Health Insurance for the pensioners which is expected to tentatively kick-start before the end of the year.
Obilana commended Gov. Babajide Sanwo-Olu for his commitment to the efficient and effective administration of the CPS in the state.
He explained that the effort of the governor had culminated in the regular issuance of the retirement benefit bond certificates to the retirees.
He appreciated the unflinching support of the commissioner for establishment, training and pension, the state’s approved PFAs and the insurance companies for their efforts at ensuring that all retirees have unrestrained access to their benefits.
Mr Olumuyiwa Oshin, Executive Director, Finance and Investment, LASPEC, lauded Gov. Sanwo-Olu on his effort to clear the outstanding backlog of the accrued pension benefits and improve the welfare of the pensioners.
Oshin prays that God grant the retirees good health, long life and wisdom to use their lump sum judiciously.
Mr Olufemi Ogunlaye, a retiree from the Lagos State University Teaching Hospital (LASUTH), on behalf of other retirees, thanked the governor for his good work and prayed that God grant him the grace to better the lot of the pensioners.
Ogunlaye also commended Obilana for supporting the government and its policies to improve the life of the pensioners and prayed for his fellow retirees that they will enjoy the benefit of their labour and service years.