The Lagos State Pension Commission (LASPEC) has reaffirmed its commitment to the welfare of retirees by issuing another tranche of retirement bond certificates under its ‘Pay-As-You-Go’ pension model.
Yesterday, 832 retirees received their retirement bond certificates worth a total of N1.5billion being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.
This latest issuance, reinforces the state’s reputation as one of the best-performing sub-national entities in pension administration in Nigeria.
Under the Pay-As-You-Go system, the state ensures that retirees receive their entitlements promptly upon retirement, with the consistent release of redemption bonds forming a key part of this process.
In addition to financial entitlements, Lagos State also provides a year of free healthcare coverage for all retirees, a gesture widely applauded by pensioners and stakeholders in the sector.
Speaking during the 112th Batch Retirement Bond Presentation Ceremony held in Lagos, the Director General, Lagos State Pension Commission (Laspec), Mr. Babalola Obilana said the state has been celebrating dedication, service, honour and fulfilment.
He said: “We are here to recognize men and women who have given the best years of their lives to the service of Lagos State. Individuals who built institutions, strengthened systems and supported the machinery of governance through diligence, loyalty and professionalism.
“On behalf of LASPEC, I congratulate all our retirees present today. Your career journeys represent decades of sacrifice, resilience and commitment to the Lagos State Public Service. You have served faithfully, and today the State stands ready to fulfill its promise to you.
“Allow me to reaffirm, unequivocally, the unwavering commitment of the Lagos State Government, under the visionary leadership of Governor, Babajide Olusola Sanwo-Olu, to the welfare of workers both in service and in retirement. Since the adoption of the Contributory Pension Scheme, Lagos State has consistently met its statutory obligations by remitting both employer and employee pension contributions promptly to the respective Retirement Savings Accounts (RSAs) of its workforce”.
Obilana further stated that through continuous reconciliation of employee records, digitalization of pension processes, and collaboration with Pension Fund Administrators and Annuity Service Providers, they have improved service delivery and eliminated longstanding bottlenecks that once plagued the pension system.
He noted that the bond presentation ceremony remains central to these reforms.
“Each ceremony we hold represents another significant milestone, not just numbers on charts but real people whose futures are being safeguarded. 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.
“Furthermore, LASPEC has launched, and will continue to implement, trainings and sensitization programs aimed at equipping public servants, particularly Directors, eAdmin. & HR and Pension Desk Officers, with the knowledge and skills needed to effectively navigate the pension system and ensure the timely payment of retirees’ entitlements. Looking forward, LASPEC is committed to ensuring that the pension system continues to meet the needs of both current and future retirees. The system must remain adaptable, responsive to the economic realities of our time, and increasingly inclusive of diverse forms of retirement savings.
“Today, the Governor will be presenting another set of 832 retirees with their retirement bond certificates worth a total of N1.5billion being their past service benefits prior to the commencement of the CPS in 2007”, he disclosed.
