5th Pre-Retirement Seminar

3,900 retirees paid N21.492bn in Lagos State

A total number of 3,900 retirees are presently enjoying their retirement benefits under the Contributory Pension Scheme, even as the Lagos State Government had credited their Retirement Savings Account (RSA) with a sum of N21, 492,107,232.77k (Twenty-One Billion, Four Hundred and Ninety-Two Million, One Hundred and Seven Thousand, Two Hundred and Thirty-Two Naira, Seventy-Seven Kobo) only, as at the end of last year.


This was revealed by the Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain, in his welcome address during the Pre-Retirement Seminar organized by the Commission in collaboration with the State’s approved Pension Fund Administrators (PFAs) and Insurance Companies, for workers who are retiring from the Public Service between January and June, 2014. The Seminar which was the fifth of its kind, took place at the Adeyemi-Bero Auditorium, the Secretariat, Alausa, Ikeja, this Thursday.


Mr. Hussain said that the seminar was designed to further broaden the knowledge of the would-be retirees on how best to prepare for their retirement and access their retirement benefits under the Contributory Pension Scheme (CPS).


He stressed further that the seminar would amongst other benefits, explain the procedures for processing the end of service benefits; how to monitor and ensure that Retirement Savings Account is up to date with payment of the statutory monthly contributions and also expatiate on the two exit options of Programmed Withdrawal provided by the Pension Fund Administrators (PFAs) and the Annuity for life option provided by the Insurance Companies.


According to him, other topics the seminar would also cover include topics such as, “Living healthy in retirement” and “Making good Investment decisions” and would assist the prospective retirees to adequately prepare for their Physical, Emotional and Financial well-being in retirement as well as putting them in a better position and frame of mind to build a comfortable and rewarding life in retirement.


While giving credence to Governor Babatunde Raji Fashola (SAN), for his commitment to the successful implementation and administration of the Contributory Pension Scheme in the State, he said that the State had continued to remit the highest figure in terms of the 7.5 per cent monthly contribution by the State and the 7.5 per cent by the employees.


He said, “Reports emanating from the industry recently, show that 28 states in the country are yet to fully subscribe to the Contributory Pension Scheme while only Six out of 21 state governments that had enacted their laws have remitted N26.17bn into the Retirement Savings Accounts of their workers registered under the scheme. Statistics from the National Pension Commission (PenCom) also shows that Lagos State has continued to remit the highest figure”.


The LASPEC boss also acknowledged the collaborative efforts of the State’s approved Pension Fund Administrators (PFAs), the Insurance Companies and the committed and highly dedicated members of staff of the Commission for their unrelenting collective resolve to ensure that workers in the Lagos State Public Service continue to get the best of service.


The seminar was attended by about 1,200 would-be retirees.



Taofeel Lawal

Press & Public Relations Officer