The Lagos State Government has paid N1.62 billion accrued pension rights into the Retirement Savings Accounts (RSAs) of 288 retirees.
The amount is benefit payment for the retirees past service prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.
Director-General, Lagos State Pension Commission (LASPEC), Mr Babalola Obilana made this known at the 97th Batch Retirement Bond Certificate Presentation for retirees from the Lagos State public service.
Obilana said the state had consistently implemented the CPS since its inception in line with the provisions of the Lagos State Pension Reform Law of March 19, 2007, now amended.
He said the state government, in a bid to secure the future of its public service, its greatest asset, had consistently prioritised pension contributions, in compliance with the statutory requirements of the CPS.
According to him, both employees and employer’s contributions are remitted promptly into employees’ RSAs after salaries are received.
“Today, the present administration of Governor Babajide Sanwo-Olu is presenting another set of 288 retirees with a sum of N1,062,650, 264.48 only, being their past service benefits prior to the commencement of CPS in 2007.
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“We acknowledge and commemorate the labour and sacrifices of our retirees whilst in the public service, which has contributed immensely to the development of our dear state.
“The efforts of Governor Sanwo-Olu and the present administration towards the success of the contributory pension cannot be overemphasised.
“Despite rising recurrent expenditure and the current economic climate, the state government has made continuous monthly payments a priority to ensure retirees access their retirement benefits as soon as possible,” he said.
According to him, LASPEC constantly reviews its business processes to ensure first class service delivery to the retirees in a bid to accomplish the governor’s goal of the immediate payment of pension entitlements upon retirement from the public service.
The director-general noted that the commission also engaged its stakeholders to ensure that the retiring officers who had devoted their work lives to the service of the state, received the best service possible.
Obilana charged the elder statesmen to be wary of any individual or association who claim to be affiliated with the state government and could process or fast track their pension entitlements for a fee.
He urged them to direct all enquiries to LASPEC via their website or on their official phone lines.