The Lagos State Government, led by Governor Babajide Sanwo-Olu, has cleared N68.5 billion in pension arrears for retirees from the state’s public service.
This development was announced by Lagos State Head of Service (HoS) Bode Agoro on Tuesday.
Speaking at a public sensitisation event on the Contributory Pension Scheme (CPS) organised by the Lagos State Pension Commission (LASPEC), Agoro praised Governor Sanwo-Olu for prioritising the welfare of retirees and for his efforts in ensuring they receive retirement benefits without delays.
The Contributory Pension Scheme, established in Lagos on March 19, 2007, is to provide a secure retirement plan for public servants.
Agoro said that since the scheme’s inception, policies have been enacted to protect workers’ retirement savings and strengthen the pension industry.
He stressed the importance of accurate information about CPS and noted that LASPEC’s sensitisation efforts are designed to update public servants on recent developments and ensure they have the correct details regarding their pension options.
As part of ongoing reforms, Agoro stated that data updates—including linking National Identification Numbers (NIN) to bank accounts, telecom services, and pension accounts—are critical for efficient pension processing.
This data recapture, facilitated by LASPEC and Pension Fund Administrators (PFAs), helps ensure that public servants can easily access their pension benefits when they retire.
Additionally, a four-day event has been organised at Adeyemi-Bero Auditorium in Alausa, Ikeja, where PFAs will assist public servants in updating their records.
LASPEC Director General, Mr. Babalola Obilana, also addressed attendees, stating that the CPS’s mission is to ensure sustainable income for retirees.
Obilana praised the scheme’s collaborative approach involving LASPEC, PFAs, and Annuity Service Providers (ASPs) and urged employees who have yet to open their Retirement Savings Accounts (RSAs) to act promptly.
He explained that, without RSAs, employees’ pension contributions may be stuck in escrow, complicating future payments.
