1st July, 2022
By Rukayat Adeyemi
The Lagos State Government has paid over N1.5 billion in accrued pensions rights to 487 retirees for July.
Mr Babalola Obilana, the Director-General of Lagos State Pension Commission (LASPEC), said this at the 95th Batch Retirement Benefit Bond Certificates Presentation for retirees of the Lagos State Public Service on Friday in Lagos.
Obilana said that although Lagos state had implemented the Contributory Pension Scheme (CPS) since its inception in line with the provisions of the Lagos State Pension Reform Law of March 19, it remained committed to officers under the Defined Benefit Scheme.
“The administration of Gov. Babajide Sanwo-Olu, just like his predecessors, is committed to the wellbeing of the state’s workforce.
“This administration has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos state is fully compliant with the statutory requirements of the CPS.
“Despite various economic and financial challenges, employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts (RSAs) monthly.
“Lagos state is a high flyer and has received several awards for exceptional performance in the payment of retirement obligations,” he said.
According to him, the recent release of the status of implementation of the CPS by the National Pension Commission (PenCom) which indicated that Lagos is leading the pack in the Nigerian pension industry is a testament to the state’s performance.
He thanked the elder statesmen for their labour and sacrifice while in public service.
Obilana assured the retirees of the state’s commitment to ensure payment of the outstanding pension liabilities.
“Please be assured of our commitment to the eradication of outstanding pension liabilities in our dear state.
“LASPEC is fervently working toward the immediate payment of pension entitlements at retirement from the public service.
“We are constantly reviewing our business processes to ensure optimal service delivery to our retirees.
Meanwhile, Obilana advised the retirees to be wary of various individuals and associations fraudulently parading as agents of the commission with claims to fast track the payment of retirement benefits at a fee.
“Please note that the LASPEC is the only entity officially endorsed by the state government to process the payment of retirement benefits.
“Also note that no officer in LASPEC will ask you for money to process your payments,” he said.
The director-general also urged the pensioners to be careful about transferring their RSAs to Pension Fund Administrators (PFAs) not regulated by the state government.
According to him, LASPEC has limited control over these institutions and will be unable to mediate if unfavourable situations arise.