Lagos govt. promises consistent implementation of pension scheme

The Lagos State Government on Wednesday said it would remain consistent in the implementation of the Contributory Pension Scheme (CPS) in line with the provision of its amended pension reform law. The Director-General, Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, according to a statement, made the pledge at the 86th Bond presentation to retirees of the state’s public service.

Obilana said that the state government would continue to prioritise pension contributions in the annual state budget. He said this was to appreciate the retirees for their meticulous service, dedication and selflessness toward the fulfilment of the state’s vision. “Two hundred and eighty seven retirees’ Retirement Savings Accounts (RSAs) have been credited with more than N1 billion for the month of June, in fulfillment of the government’s agenda to provide succor to pensioners“.

The efforts of the Gov. Babajide Sanwo-Olu’s administration towards the success of the CPS cannot be overemphasised. “The state government has made continuous monthly payments a priority to ensure retirees have access to their retirement bond benefits,” he said. According to him, the bond certificates’ payments were based on the retirees’ past service benefits prior to the commencement of the CPS in 2007.Obilana lauded the retirees for their commitment to work during their service years and their patience after retirement.

The director general said that the ceremony was organised to acknowledge the labour and sacrifices of the elder statesmen whilst in service in contribution to the development of the state. He advised the pensioners to verify information from the commission before reacting to them.” LASPEC remains the only verified source of information on pension matters,” he said.