PENSION SCHEME: LAGOS REAFFIRMS ALLEGIANCE TO RETIREES


The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, has reiterated the allegiance of the State Government to the welfare of its retirees, stressing that the Governor Babajide Sanwo-Olu led administration remains committed to the implementation of the Contributory Pension Scheme in line with the provisions of the State’s amended Pension Reform Laws. Speaking at the 86th Bond Presentation Ceremony held recently at the NECA House Auditorium, Alausa, Obilana stated that 287 Retirement Savings Accounts (RSAs) werr credited with the sum of N1,003,332,786.33 in fulfilment of the government’s commitment to providing succour to pensioners. The DirectorDirector-General explained that the Bond Certificate payments were based on their past service benefits before the commencement of the Contributory Pension Scheme (CPS) in 2007, applauding the State Government for its consistency in the regular payment of pensions.

“The efforts of the Governor Babajide Sanwo-Olu led administration towards the success of the Contributory Pension Scheme cannot be overemphasised. The State Government has made regular monthly payments a priority to ensure retirees have access to their retirement bond benefits”, the Director-General stated. While commending the retirees for their commitment to work during their service years and for their patience after retirement, he restated that the Government will continue to prioritise pension contributions in the State's Annual Budget to show commitment to the retirees for meticulously serving with dedication and selflessness towards the fulfilment of the Lagos State vision. He informed that the Bond Presentation ceremony was organised to acknowledge their labour and sacrifice whilst in Service, which had contributed immensely to the development of the State. Obilana, however, admonished the retirees to verify all information before reacting, stressing that the Commission remained their only authentic source of information on pension matters.