Speaking at the 105th batch retirement bond certificate ceremony in Ikeja, Lagos, Sanwo-Olu described the event as historic milestone as the state transition into a new era of Pension Administration called “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 prioritized 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, recognizing their unblemished careers in the State Public Service,” he said.

The governor disclosed that since the inception of the Contributory Pension Scheme, the state government had paid N141,242,852,606.49 to 35,191 retirees.

He said under his administration alone, N59,701,420,500.22 to 17,039 was paid to retirees, making Lagos State a top performer in pension payments.

“Today, I am pleased to announce that another 2,000 retirees will receive bond certificates worth a total of N4,461,659,536.82. These funds, along with their monthly contributions, have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).

“In addition to financial entitlements, the Lagos State Government, through the Lagos State Health Management Agency, has 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 specialized treatments.

“This initiative underscores our commitment to the well-being of our retirees, ensuring that you receive not only what is due to you statutorily but also additional support and assistance to enhance your lives in retirement,” he said.

The Director General, Lagos State Pension Commission (LASPEC), Babalola Obilana, said the commission had worked diligently to ensure the timely processing and disbursement of pension benefits.

He said in line with the governor’s vision of “A Greater Lagos Rising”, “we have fulfilled his promise to clear all backlogs of accrued rights payments. Clearing the backlog of accrued rights is a significant achievement, reflecting our dedication to addressing the challenges faced by our retirees.

“We understand the importance of these payments in securing a comfortable and dignified retirement, and we are committed to maintaining this momentum.

“Today, the administration of Governor Babajide Olusola Sanwo-Olu will present another set of 2,000 retirees with a total sum of N4,461,659,536.82, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.”

Obilana encouraged retirees to choose wisely between Programmed Withdrawal and Annuity to select the option that best suit their individual circumstances.

“Please be cautious of fraudsters targeting vulnerable pensioners. LASPEC has received reports of individuals pretending to be Commission staff, visiting pensioners’ homes and claiming to be conducting a verification exercise known as “I’m alive,” during which they request personal information. This is a scam. Our verification exercises are conducted online,” he warned.

Head of Service, Bode Agoro encouraged the retirees to embrace the opportunities that this new phase of life brought, urging them to continue to share their wealth of experience and knowledge with the younger generation, and remain active and engaged within their communities.

Agoro urged officers approaching retirement to submit their retirement notices to their MDAs promptly to facilitate early processing, calling on reliable Pension Fund Administrators to expedite the processing of the accrued pension rights being deposited today to ensure timely disbursement to the beneficiaries.