Lagos State Pension Commission, has paid N1,014,666,487.88 (One billion, fourteen million, six hundred and eighty seven naira, eighty eight kobo only) to 218 retirees for the month of August 2020.
This was disclosed by the Director-General LASPEC, Babalola Obilana, at the 78 batch retirement bond presentation ceremony in Lagos, where the Commission changed the method of distributing bond certificates to pensioners due to Covid-19 pandemic and comply with the government directive on the restriction on large gatherings.
Obilana explains: “The commission changed from its initial method of releasing bond certificates to Pension Fund Administrators who had been inviting beneficiaries to exit meetings to access their lump sum and monthly pensions.”
Underlining the State Government commitment to the contributory pension scheme without hiccups the DG said: “We remain committed to our ideals of making Lagos State a role model for others to follow on pension matters” adding that “our employees are our greatest assets and this is why we are not only passionate about providing good conditions of service, but also fully committed to ensuring that their entitlements are paid when they exit the public service.”
He advised the retirees to be content stay clear of fraudsters and avoid the disclosure of information on their bond benefit entitlement.