No fewer than 663 retirees in the Lagos State public service have benefited from N1.04 billion in retirement bonds, as the state continues efforts to meet its pension obligations and improve former workers’ financial security.

The Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, disclosed this at the 117th Retirement Bond Presentation Ceremony in Lagos, where he said the government is facilitating the payment of N1, 036,355,006.43 to the beneficiaries.

The payment amounts to an average of about N1.56 million per retiree, although individual benefits vary based on their pension entitlements.

He said the payment was important to retirees as they adjusted to life after active service, when regular salaries gave way to pension income and other sources of financial support.

Obilana said the presentation reflected the Lagos State Government’s commitment to recognising retired public servants’ contributions and improving their welfare after years of service.

He added that LASPEC would continue to strengthen pension administration through improved record management, technology adoption and collaboration with Pension Fund Administrators and Annuity Service Providers.

The LASPEC chief also urged beneficiaries to keep their Retirement Bond Certificates safe, ensure their pension records were accurate and avoid individuals demanding unofficial fees to facilitate pension payments.

He commended Governor Babajide Sanwo-Olu and Deputy Governor Kadri Obafemi Hamzat for supporting pension administration and the welfare of retirees in the state.

One of the beneficiaries, Akinduro Ogunlana, who spoke briefly to The Guardian at the the event, said the bond came at the right time, expressing appreciation to the Lagos State Pension Commission (LASPEC) for its efforts in facilitating retirement benefits.