LASPEC pays over N32bn to 7,998 retirees in 2yrs

Lagos Government, through its state-owned Pension Commission (LASPEC ), said, Wednesday, that it had paid over N32 billion to 7,998 retirees of its public service in the past two years.

Director-General, Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, who disclosed this during the 85th bond presentation to benefiting retirees in the state, said that the government considered the welfare of pensioners as top priority and was committed to the speedy resolution of all pension issues in the state.

He explained that one of the targets of the present administration was to successfully conclude the payment of accrued pension rights at the end of the governor’s first term in office.

According to him, this will enable pensioners to receive their entitlements upon retirement from the state’s public service on a ‘pay as you leave’ basis.

Obilana noted that in fulfilment to the government’s commitment to pensioners’ welfare, the Retirement Saving Accounts (RSAs) of 326 retirees were credited with over N1 billion for the month of May.

“The governor is committed to retiree’s welfare that is why in spite of all odds, retirees are still on the front burner of his agenda.

”It is clear that the financial freedom of the state’s pensioners is paramount to this administration,” he said.

Obilana advised the retirees to choose the right option for their pension needs between annuity and programmed withdrawal.

He urged the elder statesmen not to follow the decision of others but ensure that they select choices that best suit them.

Speaking on behalf of the retirees, Mrs Felicia Ojo thanked Governor Babajide Sanwo-Olu, management and staff of LASPEC for their unflinching support for pensioners in the state.

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