The Lagos State Government on Monday issued N1.52 billion retirement bond certificates to 798 civil service retirees under the Contributory Pension Scheme (CPS).

This is contained in a statement signed by Mr Babalola Obilana, Director-General, Lagos State Pension Commission (LASPEC).

The News Agency of Nigeria reports that the retirement bond certificates were presented at the 110th Batch Retirement Bond Certificate presentation ceremony held at Alausa, Ikeja.

Obilana said that hundreds of retirees were physically present to receive their entitlements.

He said the gesture demonstrated Babajide Sanwo-Olu’s determination to ensure retirees enjoy prompt payment of their benefits.

“Today’s ceremony is a testament to the commitment of the Lagos State Government towards the well-being and financial security of its workforce.

“It signifies the fulfilment of obligations under the Contributory Pension Scheme (CPS), ensuring that our retirees receive the benefits they have worked hard for throughout their careers,” Obilana said.

He noted that Lagos operates a pay-as-you-go pension system, which allows the prompt settlement of entitlements once documentation is completed.

Obilana commended Sanwo-Olu for consistently prioritising pension obligations.

He added that LASPEC had worked with Pension Fund Administrators, Annuity Service Providers, ministries, departments, agencies, and other stakeholders to sustain an efficient pension system.

He advised the new retirees to plan wisely and spend their retirement funds judiciously.

Speaking on behalf of the beneficiaries, Mrs Funto Aina and Mr Olayinka Alaka thanked the state government for keeping faith with pensioners.