Lagos Pays Retirees N34.12bn Under Contributory Pension Scheme
The Lagos State Governor, Babajide Sanwo-Olu, has said the state has paid N34.12bn to retirees under the Contributory Scheme since the inception of his administration.
Sanwo-Olu said this during the presentation of retirement bond certificates to the 90th batch of CPS retirees in Lagos on Saturday.
He said, “It is gratifying to note that as at the 89th bond presentation batch, the state government had paid a sum of N34.12bn into the Retirement Savings Account of retirees in the mainstream, local government, State Universal Basic Board, Teaching Service Commission and other parastatals of the state government.
“I am happy to report that 8,707 retirees are enjoying their retirement benefits under the Contributory Pension Scheme since the advent of my administration.
“I am delighted to inform you that today, another set of 421 retirees will smile home with a sum of N1.53bn. As we speak, this amount has already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators, in addition to their monthly contributions.”
According to the governor, with such commitment and performance, retiring officers in the Lagos State Public Service now look forward to retirement with more confidence.
The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, said, “Since the inception of the Contributory Pension Scheme in Nigeria, Lagos State has remained focused and resolute to the ideals of the scheme.
“The state government has consistently prioritised pension contributions in the annual state budget, and we are happy to note that Lagos State does not owe monthly pension contributions as both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts after salaries are received.”
He said LASPEC, in line with its role as the regulatory body for pension matters in the state, was constantly reviewing its business processes to ensure the financial freedom of public service retirees.
He noted that in 2020, it launched the Retirement Savings Account Transfer System (transfer window) by the National Pension Commission, which permits RSA holders to transfer their accounts from one PFA to another.
The director-general also said the commission was facilitating the review of the Lagos State Pension Reform Law to eradicate bottlenecks in the processing of retirement documents and hasten access to pension benefits.