By Henry Uche, [email protected]
The Lagos State Pension Commission (LASPEC) has presented set of 515 retirees (in the public sector) with a sum of N1.52billion being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.
The LASPEC Director-General, Mr. Babalola Obilana, said the act was in line with the Holy Logos which says “ a labourer is worthy of his wages”.
He explained that to celebrate the esteemed officers who have served the state meritoriously with their terminal entitlements is a top priority of the present administration.
Obilana , who stated this during retirement bond certificate presentation to the 92nd batch of the retirees recently, said: “We must acknowledge and commemorate your labour and sacrifices while in the public service which have contributed immensely to the development of our dear Lagos State. Lagos State has consistently implemented the Contributory Pension Scheme (CPS) since its inception in line with the provisions of the Lagos State Pension Reform Law of 19th March, 2007 now amended,”
The LASPEC boss added that the state, in a bid to secure the future of its greatest asset- which is the Public Service, had consistently prioritised pension contributions in the annual budget, and would fully comply with the statutory requirements of CPS, where both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts (RSAs) after salaries are received.
“The efforts of Governor Babajide Sanwo-Olu and the present administration towards the success of the contributory pension cannot be overemphasized. Despite rising recurrent expenditure and the current economic climate, the state has made continuous monthly payments a priority to ensure retirees access their retirement benefits as soon as possible.”
Obilana maintained that LASPEC had constantly reviewed its business processes to guarantee first class service delivery to retirees and accomplish the governor’s goal of the prompt payment of pension entitlements upon retirement from the public service.
He urged public servants, retirees in particular, to be wary of imposters who claim to be affiliated with the state government and can process or fast track their pension entitlements for a fee.
“Please beware of any individual /association who claim to be affiliated with the state government and can process or fast track your pension entitlements for a fee. Kindly direct all enquiries to LASPEC via our authentic website or on our official phone lines which can be found on our website,” he warned.
Similarly, the state Ministry of Establishments, Training and Pensions says it has paid over N38 billion as Accrued Pension Rights to 9,865 retirees in the mainstream, local government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other parastatals of the state from May 2019 till date.
The commissioner in charge of the ministry, Ajibola Ponnle, also disclosed that N1.52 billion has been credited into the RSA of 515 retirees in March, alongside their monthly Contributions, with assurance that the state government would never forget them.
“Your welfare and wellbeing are top-priority and the government is relentless in its pursuit to improve your retirement life. The state government recognises the plight of our estimable workers who have served in the Lagos State public service and the need to safeguard their financial security after service.”
Ponle confirmed that the present administration would continue to prioritise the prompt payment of the government’s pension obligations within the available limited resources. “Despite huge liabilities, we have promptly paid the pension entitlements of retirees under the Pay As You Go Pension Scheme monthly, while LASPEC ensures payment of accrued pension rights to retirees under the Contributory Pension Scheme so our retirees can access their RSAs without delay.”
She added that under the administration of Babajide Sanwo-Olu, the Lagos State government had once again, faithfully honoured its obligations as stated in the amended Lagos State Contributory Pension Scheme Law, by the presentation of Bond Certificates to the 92nd batch retirees from the State Public Service.