Sanwo-Olu pledges to clear pension backlog

Gov. Babajide Sanwo-Olu of Lagos State on Friday pledged to clear all accrued pension rights owed by the state in April.

Sanwo-Olu made the promise at the 103rd Bond Retirement Bond Certificates Presentation, organised by the Lagos State Pension Commission (LASPEC) in Lagos.

He said, having paid N3.20 billion into the RSA of 1,013 retirees as accrued pension right for the month of February, the state government would pay N4 billion in March and another N3 billion in April to settle the debt.

The governor said the state also paid health insurance premium cover for the 1,013 retirees for one year, under the Ilera Eko Health Insurance Scheme.

“While we acknowledge the backlog in the payment of accrued rights, our attention is focused on systematically eliminating this backlog.

“I am pleased to announce that we have made substantial progress in this regard, and I am confident that before the end of my tenure, our aspiration for a “Pay As You Go” model will be realised,” he said.

He said that the state would continue to be a leading light, not only in the administration of pension benefits, but generally in good and credible governance.

Sanwo-Olu assured the retirees that the government, through LASPEC, is working to ensure that public service retirees get what is due to them statutorily.

He added that that they would also continue to receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.

In his address, Mr Babalola Obilana, Director General, LASPEC thanked the governor for his consistency in the payment of the accrued pension rights and commitment to staff welfare.

Obilana commended the contributions, dedication, professionalism and passion of the retirees to the success of Lagos State.

He, however, stressed on the importance of proper financial planning and management during retirement.

According to him, it is essential for retirees to make informed decisions regarding their finances, to ensure long-term sustainability and security.

“As you decide between programme withdrawal and annuity, please pick an option that aligns with your financial goals and aspirations.

“LASPEC, in line with its role as the regulatory body for pension matters in the state, is constantly reviewing its business processes to provide first class service to public service retirees,” he said.

Responding on behalf of the retirees, Mrs Adetokunbo Eko, a retired Asst. Director and former Head of Public Affairs unit of LASPEC, commended the state government for prioritising the welfare of its staff and pensioners.

Eko stated that the commitment of the state government to its workers had contributed to the progress of the state.