Accrued Pensions: Lagos Disburses N304m, Reassures On Prompt Settlement

The Lagos State Government on Friday disbursed a total of N304 million as accrued pension rights to 148 retirees of the state’s public service under its “Pay As You Go”scheme.

The Director-General of the Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, announced this at the 106th bond certificate presentation to the beneficiaries in Lagos.

Obilana, represented by Mr Babatunde Yussuf, Director, Technical Department, said the beneficiaries were persons who retired within the ongoing year and those who were previously unqualified for payment due to documentation issues.

He commended Gov. Babajide Sanwo-Olu for fulfilling his promise to promptly pay retirement benefits to some retirees who retired within the year, noting that this demonstrated his “Pay As You Go” promise in action. According to him, the Lagos State Government is committed to prompt pension payments as long as the retirees have completed the necessary documentation.

“The Lagos state government has again disbursed a total of N303.714 million to 148 beneficiaries under the ‘Pay As You Go’ scheme. “Gov. Sanwo-Olu’s administration is committed to timely payment of accrued pension rights to retirees.

“Despite the assurances of the governor of prompt pension payments, proper documentation remains essential,” he said. The managing director enlightened the retirees on the critical role of proper documentation in ensuring timely payment of their accrued pension rights.

Obilana urged the state’s civil servants to begin their documentation process at least six months before retirement to prevent any delay. “We will continue to encourage civil servants to start their documentation early, to ensure that it is completed six months prior to their retirement,” he said.

Obilana also advised the retirees to invest their pension funds prudently and be cautious of fraudulent schemes, especially with the current harsh economic environment.

He assured the retirees that LASPEC operated an open-door policy, and its staff are always available to provide assistance to them in matters relating to their pensions.