348 Lagos retirees receive N740 million as accrued pension rights

The Lagos State Government said not less than 348 retirees have received N740 million accrued pension rights.

The payment was for retirees’ past service benefits before the start of the contributory pension scheme (CPS) in 2007.

The Director General of Lagos State Pension Commission (LASPEC), Babalola Obilana, disclosed this at the 107th batch retirement bond certificate presentation ceremony at the weekend in Lagos.

Obilana said the state government is committed to supporting retirees throughout their retirement journey.

Obilana commended Gov. Babajide Sanwo-Olu for his prompt support payment of pension obligations.

He also lauded the governor for the various policies initiated to better the lives of the retirees.

The DG explained that the state has made significant strides in enhancing transparency, efficiency and sustainability of its pension systems.

He said implementation of the CPS provided a more equitable distribution of benefits, ensuring that all workers have access to a reliable pension at retirement.

According to him, LASPEC is committed to maintaining an efficient and robust pension process.

He said: “My team is consistently focused on improving our processes, ensuring timely payments, and enhancing the overall experience for retirees.

“Our dear state has transited to paying retirement benefits in the same year our officers retire. This is an accomplishment that reflects our dedication to fulfilling Gov Sanwo-Olu’s goal of financial security for Lagos State retirees.”

LASPEC has also launched sensitisation programmes to educate current employees and those close to retirement about the CPS and the necessary documents for processing retirement benefits.