From left: Mr Olumuyiwa Oshin Executive Director, Finance & investment Lagos State Pension Commission, a Retiree and the Director -General, LASPEC Mr Babalola Obilana, during the 78th batch Bond Certificates presentation ceremony

In view of the ravaging covid-19 pandemic across the world, the Lagos State Pension Commission, LASPEC has announced a change in its mode of distributing Bond Certificates to State Pensioners, saying that the retirees would now be attended to in batches, in compliance with the social distancing rules of the State Government.

The new process adopted by the Commission nullifies the initial arrangements where the presentation of Bond Certificates was handled by the Pension Fund Administrators of concerned retirees or beneficiaries.

According to the Director General of LASPEC, Mr. Babalola Obilana, the Commission initiated the new process to ensure that Senior Citizens are not exposed to the Corona Virus and to also comply with the State Government’s directive on the restriction on large gatherings.

He explained that “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.”

In the same vein, the Director-General who spoke at the recent 78th Batch Retirement Bond Presentation Ceremony, disclosed that a total number of 218 Retirees have been paid the sum of N 1,014,666,487.88 ( One Billion, Fourteen Million, Six Hundred and Eighty Seven Naira, Eighty Eight Kobo Only) billion naira for the month of August 2020.

He affirmed that LASPEC will continue to be resolute in forging ahead with the contributory pension scheme; he stressed that the scheme was sustainable and had resolved the challenges of the past Pension Scheme Administration which, being non-contributory relied totally on budgetary allocations of Government.

He stated that the State Government through LASPEC was committed to ensuring that retirees are paid their terminal entitlements as and when due without any hiccups.

“We remain committed to our ideals of making Lagos State a role model for others to follow on pension matters.

In Lagos State, 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”, Obilana reiterated.

He advised the retirees to be mindful of fraudsters who come with the idea of unknown business and also implored them to be careful with the disclosure of information about their Bond Benefit Entitlement in order to not fall into the hands of people with ulterior intentions.

Obilana appreciated the State Governor, Mr Babajide Sanwo-Olu for his unrelentless efforts towards the plight of retirees in the State.

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