Recently In Lagos State, Governor Babajide Sanwo-Olu’s commitment was highlighted when the state government allocated N740 million in accrued pension rights to a new group of 348 retirees.
This announcement came from Mr. Babalola Obilana, the Director General of the Lagos State Pension Commission (LASPEC), during the presentation ceremony for the 107th batch of retirement bond certificates. He explained that this payment pertains to the retirees’ entitlements earned prior to the introduction of the Contributory Pension Scheme (CPS) in 2007. Obilana emphasized the state government’s unwavering support for retirees as they transition into retirement.
He commended Governor Sanwo-Olu for his swift actions in fulfilling pension commitments and noted the governor’s initiatives focused on improving the welfare of retirees.
Obilana also pointed out the advancements made by the state in promoting transparency and efficiency within the pension system. He highlighted that the implementation of the CPS ensures equitable distribution of benefits, thereby providing reliable pensions for all workers upon retirement.
Expressing optimism, he stated, “Our team is dedicated to enhancing our processes, ensuring timely payments, and improving the overall retirement experience. Our state has now moved to disbursing retirement benefits in the same year that our officers retire, reflecting our commitment to ensuring financial security for Lagos State retirees as envisioned by Governor Sanwo-Olu.”
To further support current employees and those approaching retirement, LASPEC has initiated awareness programs aimed at educating them about the CPS and the necessary documents for processing retirement benefits. These programs feature specialists in financial literacy and investment strategies.
Obilana explained that this initiative is designed to empower retirees with the skills needed to effectively manage their finances during retirement. He also mentioned that the state government offers free health insurance and subsidized public transport for retirees, reinforcing its commitment to their well-being.
“I extend my warmest congratulations to each retiree receiving their retirement bond certificate today. This is a moment of recognition for your contributions and the legacy you have created,” he expressed.
He continued, “We honor the culmination of years of dedicated service from our retirees, whose hard work has significantly contributed to the development of our state. Your efforts and sacrifices have laid the groundwork for the progress we enjoy today.”
Obilana reminded the retirees that retirement signifies a new chapter, encouraging them to embrace this time with enthusiasm, pursue their passions, and continue making meaningful contributions to their communities.
Established by the Lagos State Contributory Pension Scheme Law in 2007, LASPEC serves as a corporate entity responsible for regulating, supervising, and ensuring the effective administration of pension matters within the Lagos State Public Service, in alignment with the Pension Reform Act of 2004.
The primary goals of the state’s Pension Reform Law are to assist public employees in saving for retirement and to ensure timely disbursement of terminal or retirement benefits for those leaving or retiring from public service.
Additionally, the law aims to establish regulations governing the administration and payment of retirement benefits for state employees.
