- Safiu Kehinde
The Lagos State Government has on Monday issued N1.52 billion worth of retirement bond certificates to 798 civil service retirees under the Contributory Pension Scheme (CPS).
This was contained in a statement issued by Babalola Obilana, Director-General, Lagos State Pension Commission (LASPEC).
According to the statement, the certificates were presented at the 110th Batch Retirement Bond Certificate presentation ceremony held at Alausa, Ikeja, with hundreds of retirees physically present to receive their entitlements.
Speaking during the ceremony, Obilana said the gesture underscores Governor Babajide Sanwo-Olu’s commitment to ensuring retirees receive their entitlements without delay.
“Today’s ceremony is a testament to the commitment of the Lagos State Government towards the well-being and financial security of its workforce.
“It signifies the fulfilment of obligations under the Contributory Pension Scheme (CPS), ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers.
“The Lagos State Government has made significant strides in pension administration over the years despite various challenges.
“Today, we can proudly say that the CPS in Lagos State is one of the most efficient and well-managed pension systems in the country.
“The Lagos State Pension Commission (LASPEC) has consistently worked with various stakeholders: the Pension Fund Administrators, Annuity Service Providers, Lagos State Ministries, Departments, Agencies and other relevant bodies to ensure the smooth processing of pension entitlements for all retirees.
“I want to thank Mr Governor, Babajide Olusola Sanwo-Olu, for his constant support in ensuring the prompt payment of pension obligations.
“Today, Mr Governor will be presenting another set of 798 retirees with their retirement bond certificates worth a total of ₦1,520,223,053.19, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.” Obilana said.
He noted that Lagos operates a pay-as-you-go pension system, which allows the prompt settlement of entitlements once documentation is completed.
Obilana further commended Sanwo-Olu for consistently prioritising pension obligations, adding that LASPEC had worked with Pension Fund Administrators, Annuity Service Providers, ministries, departments, agencies, and other stakeholders to sustain an efficient pension system.
He advised the new retirees to plan wisely and spend their retirement funds judiciously.
Speaking on behalf of the beneficiaries, Mrs Funto Aina and Mr Olayinka Alaka thanked the state government for keeping faith with pensioners.
They also commended the Babajide Sanwo-Olu administration for keeping faith with retirees and urged the Lagos State Government to sustain and improve the system for future pensioners.
“I am extremely happy. We are receiving our bond. What we have been looking out for is now a reality.
“We thank the Lagos State Government for making it a reality.
“When I collect the money, I am going to sit back and think well about what I want to do with it before going out to do whatever.
“The payment was prompt because I retired last year, and I am getting my bond certificate a year after. So, I want to implore them to continue to do the best,” said Aina, who retired from the Ministry of Environment and Water Resources.
On his part, Alaka, who retired last year from Lagos State Public Service commended the state government for paying pensioners as at when due unlike other states.
He disclosed that he will use the money to expand his business.
“I feel happy receiving my pension today. I am a Town Planner and I am still doing my work.
“I will add the money to my business and continue with my business.
“The Lagos State Government has been doing very well.
“From what I have seen from other states, they have not been paying their pensioners, but Lagos State pays as and when due, and it has been a seamless process.” Alaka said.