The Lagos State Government has issued N1.52 billion in retirement bond certificates to 798 civil service retirees under the Contributory Pension Scheme. This development was announced by the Director-General of the Lagos State Pension Commission, Babalola Obilana, in a statement. The certificates were presented at the 110th Batch Retirement Bond Certificate presentation ceremony held at Alausa, Ikeja.
According to Obilana, the ceremony demonstrated the government’s commitment to ensuring prompt payment of benefits to retirees. He noted that the Lagos State Government operates a pay-as-you-go pension system, which enables the prompt settlement of entitlements once documentation is completed. Obilana commended Governor Babajide Sanwo-Olu for prioritizing pension obligations and acknowledged the collaborative efforts of the Pension Fund Administrators, Annuity Service Providers, and other stakeholders in maintaining an efficient pension system.
The retirees, who were physically present to receive their entitlements, were advised to plan wisely and spend their retirement funds judiciously. Speaking on behalf of the beneficiaries, Funto Aina and Olayinka Alaka expressed gratitude to the state government for fulfilling its obligations to pensioners. The presentation of retirement bond certificates is a significant development, as it underscores the government’s determination to ensure the well-being and financial security of its workforce.
The Contributory Pension Scheme, which was introduced to replace the old pension system, aims to provide a sustainable and efficient pension system for retirees. The scheme requires both employers and employees to contribute a percentage of the employee’s salary to a pension fund. The Lagos State Government’s commitment to the scheme has been consistent, with the government prioritizing pension obligations to ensure that retirees receive their benefits promptly.
The payment of N1.52 billion in retirement bond certificates is a significant step towards fulfilling the government’s obligations to its retirees. The development is expected to have a positive impact on the lives of the beneficiaries, who can now plan for their retirement with greater certainty. As the government continues to prioritize pension obligations, it is likely that more retirees will receive their benefits promptly, demonstrating the government’s commitment to the well-being of its workforce.