Lagos Pension Commission pays over N1bn to 246 retirees

[By VICTOR NZE]

Lagos State Pension Commission (LASPEC) says it has now paid N1, 003,374,372.68 into the Retirement Savings Accounts (RSAs) of 246 retirees in the state public service.

Executive Director Finance & investment Lagos State Pension Commission, Mr Olumuyiwa Oshin, and  Director-General Lagos State Pension Commission, Mr Babalola Obilana, with a retiree (m) during the 80th Batch of Bond Certificates presentation in Alausa , Ikeja, Friday

The beneficiaries include employees from the mainstream service; Local Government Service, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals of the state government.

Speaking at the occasion, Director General of LASPEC, Mr. Babalola Obilana disclosed that since the inception of the present administration, Mr. Governor, Babajide Sanwo-Olu has consistently paid retirees their monthly entitlements including the payment of some pension backlogs inherited from previous administrations.

The Director General while addressing retirees at the 80th Retirement Benefit Bond Certificates Presentation Ceremony held last Friday, in Lagos, congratulated all retirees for rendering meritorious service to the good people of the State.

He informed the retirees that despite the state of the nation and the aftermath of the global Covid-19 pandemic, the Government in line with the vision of a Greater Lagos and its commitment to financial freedom for Lagos State Retirees, ensured the payment of pension entitlements.

“This shows the commitment of Mr. Governor to the welfare of pensioners in the State” the DG added.

Obilana used the occasion to enlighten the retirees on the two payment options available for accessing their monthly pension entitlements, that is, Programme Withdrawal and Life Annuity.

He urged the retirees to understand the details of the two options. He also advised them to choose the most appropriate option for their situations.

The retirees expressed their appreciation to the Lagos Government as they joyfully received their Bond Certificates.

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