Lagos State Governor, Babajide Sanwo-Olu said his administration has cleared the pension backlogs even has it disbursed total sum of N141 billion to 35,191 retirees in the Contributory Pension Scheme.
The administration also released the sum of N4.5 billion as pension fund to the 2,000 latest batch of retirees from the Lagos State Public Service.
Sanwo-Olu announced this at the 105 Batch, Retirement Bond Certificate Presentation Ceremony to 2,000 retirees on Thursday, organised by the Lagos State Pension Commission, LASPEC, held at Ikeja, Lagos.
The governor restated the unwavering commitment of his administration to the welfare of retirees urging them utilise their retirement benefits and collaborate with service providers on how to appropriately invest the fund.
Sanwo-Olu said modalities had been put in place for all retirees to be paid their retirement benefits immediately they retire from the state’s civil service.
“This is another landmark event in the history of Lagos State. Lagos will always be the pacesetter for others in the country.
“I am happy to announce that sometime in March this year, we paid the first tranche of pension backlogs and today, July, we have cleared all accrued pensions arrears.
“We commended your (retirees’) patience and dedication. We have strategically prioritised clearing all backlogs of Accrued Rights payments to ensure our retirees enjoy dignity and financial stability after retirement.
“This commitment extends to the welfare of both current and former members of our workforce, recognising their unblemished careers in the State Public Service,” he said.
Sanwo-Olu stated that the payment of the pension is a testament to the unwavering commitment of the state government to its retirees and celebrates their years of dedicated service to the beloved state.
“Today, we mark the 105th Retirement Bond Certificate presentation, a historic milestone as we transition into a new era of Pension Administration called “Pay-As You-Go.” From now on, all retirees of the State Government will be paid as they retire, provided all procedures and approvals have been completed before retirement.
“We have strategically prioritised clearing all backlogs of Accrued Rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognising their unblemished careers in the State Public Service.”
Sanwo-Olu disclosed that since the inception of the Contributory Pension Scheme, the state government has paid N141.2 billion to 35,191 retirees.
“Under this administration alone, we have paid N59.7b to 17,039 retirees, making Lagos State a top performer in pension payments.
“Today, I am pleased to announce that another 2,000 retirees will receive bond certificates worth a total of N4.46b. These funds, along with their monthly contributions, have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).
“In addition to financial entitlements, the Lagos State government, through the Lagos State Health Management Agency, has launched a Health Insurance Scheme tailored specifically for our retirees.
“This scheme will provide access to a wide range of medical services, from routine check-ups to specialised treatments.
“This initiative underscores our commitment to the well-being of our retirees, ensuring that you receive not only what is due to you statutorily but also additional support and assistance to enhance your lives in retirement.
In his remark, Commissioner for Establishment and Training, Afolabi Ayantayo also thanked Governor Sanwo-Olu for the prompt approval to clear backlogs and release of funds for the payment of accrued benefits to retirees in commitment to their welfare.
The state Head of Service, Mr Bode Agoro, who described the ocassion as a “milestone” made possible through the unwavering support of the present administration, commended Governor, Sanwo-Olu, who graciously approved the release of the funds, and the diligent efforts of LASPEC in processing the funds.
According to Agoro, “With this batch of retirees, we are proud to announce that the state will transition to a pay-as-you-go basis for retirement bond payments, effectively eliminating any future backlogs.
“Our esteemed retirees. Your commitment, dedication, and sacrifices have been instrumental in the achievements of our State Public Service, which in turn have significantly contributed to the progress of our great state.
“In recognition of your invaluable service, I am pleased to announce that this administration is steadfast in its efforts to clear all backlogs of Accrued Rights Payments.
“This commitment signifies our determination to eliminate pension arrears in the near future, a commendable effort deserving of our collective applause for Mr Governor’s kind gesture.
“I am delighted to affirm that the administration of Mr Sanwo-Olu remains resolute in its commitment to enhancing the welfare and well-being of both active and retired staff.
“In Lagos State, the government ensures the consistent payment of workers’ salaries on the 23rd of every month, alongside the regular remittance of retirement benefits. This consistency has now become a norm, reflecting our dedication to the welfare of our workforce.
“We acknowledge that the journey to this point has not been without its challenges, and we commend you for your understanding and patience.
“The Lagos State Government has paid N59,701,420,500.22 to 17,039 retirees across various sectors from May 2019 to date.
“Today, Mr Governor will be disbursing an accrued pension rights sum of N4,461,659,536.82 into the Retirement Savings Accounts of 2,000 retirees.
“To our esteemed retirees, I encourage you to embrace the opportunities that this new phase of life brings. Continue to share your wealth of experience and knowledge with the younger generation, and remain active and engaged within your communities.”
“Please stay connected with the Post Service Directorate of my Office to participate in the bi-monthly Webinars on maintaining healthy living in retirement and quarterly entrepreneurial workshops and training. For your wellness and well-being, make use of the Lagos State Recreation and Wellness Centres located in your areas. Contact the Post Service Directorate for the locations of these Centres. May your retirement be filled with good health, happiness, and fulfillment.”
Agoro, however, urged officers approaching retirement to submit their retirement notices to their Ministries, Departments, Agencies, MDAs, promptly to facilitate early processing.
“Additionally, I call upon our reliable Pension Fund Administrators to expedite the processing of the accrued pension rights being deposited today to ensure timely disbursement to the beneficiaries.”
He expressed gratitude to Mr Governor, for fulfilling his promise.
Director-General, LASPEC, Mr Babalola Obilana, commended the retirees for their dedication and hard work which have shaped the success of the “Centre of Excellence” and played a pivotal role in the development of the state.
According to Obilana: “You have exemplified the values that define our dear State–integrity, commitment, and excellence.”
“Your tireless efforts, professionalism, and integrity have laid a strong foundation for the continued growth of our State. Today is a celebration of your career accomplishments and the lasting legacy you leave behind,” stated.
“LASPEC has worked diligently to ensure the timely processing and disbursement of pension benefits.
“In line with Mr Governor’s vision of “A Greater Lagos Rising”, we have fulfilled his promise to clear all backlogs of accrued rights payments.
“Clearing the backlog of accrued rights is a significant achievement, reflecting our dedication to addressing the challenges faced by our retirees.
“We understand the importance of these payments in securing a comfortable and dignified retirement, and we are committed to maintaining this momentum.
“Today, the administration of Governor Sanwo-Olu will present another set of 2,000 retirees with a total sum of N4,461,659,536.82, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.”
