Lagos sustains benefit payment to retirees with N8.7bn

Within the last six months, the Lagos State government has paid over N8.7 billion as Accrued Pension Rights to 2,309 retirees.


The period represents the first two quarters of the year from January to June. Disclosing this, the Director- General of Lagos State Pension Commission (LASPEC), Babalola Obilana, said that the Governor, Babajide Sanwo- Olu-led administration had resolved to promptly meet the needs of the state retirees.


The director-general, who stated this on Wednesday while giving an update on the payment, affirmed that Lagos State remained exceptional in the prompt payment of accrued pension rights to its retirees.


He also declared that 405 retirees’ Redemption Savings Account (RSA) was credited in the month of June with the sum of N978.53 million. According to him, in compliance with the COVID-19 protocols and in order to ensure the safety of all beneficiaries, the retirement Bond Certificates presentation ceremony will not hold.


He added that all Retirement Bond Certificates for June had been released to Pension Fund Administrators, who will invite beneficiaries in small numbers for the exit meeting and grant access to their RSA for the computation of their lump sum and monthly pension.


“The prompt payment of pensions and the welfare of retirees remains the focus of the Lagos State Government, through LASPEC. This government will continue to deliver tangible dividends of democracy to all and sundry in the state,” the DG assured.


New Telegraph recalled that the state government had earlier unveiled a web portal specifically designed to allow prospective retirees and retired officers interact with the state pension commission on management of retirees’ entitlements regardless of their location anywhere in the world.


According to the Public Affairs Officer, LASPEC, Mrs. Maria Adetokunbo Eko, the retirees’ web portal is a single web interface that accesses all necessary information and interactions by all retirees in the State and will assist in attending to personalized complaints and enquiries by LASPEC.


Unveiling the portal, Obilana stated that the initiative was part of the programmes of the commission to enhance and improve its service delivery to all retirees in the state. According to him, LASPEC has also redesigned its flagship software application and made it available on cloud in order to ensure continued efficient service delivery to retirees in Lagos State during the Covid-19 crisis and the physical distancing order in the state.


Speaking on the components of the new portal, the director-general stated that “the portal will be useful in checking the progress of documents under processing and also assist retirees to check the status of retirement bond certificate processing.


“Retirees will also be able to fill forms for issuance of identification cards for health insurance forms and other social intervention forms.” Obilana added.


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