Lagos Clears Pension Backlog, Pays N4.5bn To 2,000 Retirees

The Lagos State Government has cleared all pension backlog with the payment of approximately N4.5bn to 2,000 retirees.

The pension bond certificates were presented to the retirees by Governor Babajide Sanwo-Olu at the 105th Retirement Benefit Bond Certificate Presentation Ceremony hosted by Lagos State Pension Commission (LASPEC) on Thursday.

According to the governor, the state in the last five years has paid over N59.7bn into the Retirement Savings Accounts (RSAs) of 17,039 retirees.

Sanwo-Olu informed that going forward, retirees would get their full pension benefits and gratuity immediately after retirement under the state’s new ‘Pay As You Go’ template.

He said: “Today, we mark the 105th Retirement Bond Certificate presentation and I am pleased to present bond certificates worth a total of N4,461,659,536.82 to 2,000 retirees from our civil service. This development marks a historic milestone as our dear State transitions into a new era of Pension Administration known as ‘Pay-As You-Go’. From now on, all retirees of the State Government will be paid as they retire, provided all procedures and approvals have been completed before retirement.

“We have strategically prioritised clearing all backlogs of Accrued Rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognising their unblemished careers in the State’s public service. These funds, along with their monthly contributions, have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).”

The governor said Lagos has launched a Health Insurance Scheme tailored specifically for retirees in the state.

“We have also launched a Health Insurance Scheme tailored specifically for our retirees. This scheme will provide access to a wide range of medical services, from routine check-ups to specialised treatments. This initiative underscores our commitment to the well-being of our retirees, while ensuring that they receive not only what is due statutorily but also additional support and assistance to enhance your lives in retirement,” the governor added.

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