The Lagos State Government has disbursed retirement bond certificates totaling ₦1,520,223,053.19 to 798 retirees from the public service, reaffirming its commitment to the welfare of workers post-retirement under the Contributory Pension Scheme (CPS).
The presentation ceremony, marking the 110th batch of beneficiaries, took place on Monday, September 8, at the Adeyemi Bero Auditorium in Alausa, Ikeja, and was presided over by the Lagos State Pension Commission (LASPEC).
Director-General of LASPEC, Mr. Babalola Obilana, who represented Governor Babajide Sanwo-Olu at the event, commended the administration's consistent support for prompt pension payments despite economic headwinds.
"This exercise signifies the fulfilment of obligations under the Contributory Pension Scheme, ensuring that our dear retirees receive the retirement benefits they have worked hard for throughout their careers," Obilana stated.
He highlighted that the bonds represent past service benefits accrued before the CPS commenced in 2007, crediting the collaborative efforts of Pension Fund Administrators (PFAs), Annuity Service Providers, ministries, departments, and agencies for enabling seamless processing.
The retirees, who gathered in large numbers for the well-attended ceremony, expressed profound gratitude to the Sanwo-Olu administration for the timely disbursement.
Speaking on behalf of the beneficiaries, Mrs. Funto Olaitan Aina and Mr. Olayinka Ramoni Alaka described the bonds as "timely and life-changing," providing much-needed financial security after years of dedicated service.
One retiree, who wished to remain anonymous, noted, "I retired last year, and I am getting my bond certificate just a year after. The payment was prompt," showing the efficiency of Lagos's pay-as-you-go pension system, which allows for swift settlement once documentation is complete.
Following receipt of the bond certificates, the monetary value will be credited to each retiree's Retirement Savings Account (RSA) managed by their chosen PFA.
Retirees can then opt for programmed withdrawals or purchase a life annuity from an insurance company, after which they begin receiving regular monthly pensions alongside state welfare perks such as free health insurance and subsidized transportation.
Obilana congratulated the 110th batch, urging them to view retirement as "a new chapter of opportunities" and assured continued innovations in the pension framework to meet evolving needs.
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