L-R: Mrs. Folasade Onanuga(Director General LASPEC) presenting bond certificate to one of the  retirees.

Lagos pays N1, 080b Accrued Pension Rights

The Lagos State government has issued Retirement Benefit Bond Certificates for a total sum of N1, 080 billion to 260 retirees from the Mainstream, Local Government, SUBEB, TEPO and Parastatals of Government, under the Contributory Pension Scheme for the Month of April, 2016. The fact that this Administration commenced and has been able to maintain… continue reading →

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LAGOS PAYS ANOTHER SET OF RETIREES

  The Lagos State Governor, Mr. Akinwumi Ambode has once again  fulfilled his promise of paying Retirees monthly till the backlog is cleared,  by paying another set of 525 ( Five Hundred and Twenty-Five) retirees. This brings the total number of Retirees paid from August to September to 1,201 (One Thousand, Two Hundred and one)…. continue reading →

Director General (LASPEC) with a beneficiary

Lagos Pays another batch of 243 retirees

The Lagos State Government in the month of February, 2016 paid 243 retirees of the State Government from the Mainstream Civil Service, Local Governments, State Universal Basic Education, Teachers Establishment and Pension Office and other Parastatals of government their Pension entitlements worth N904 million. This payment has brought the number of retirees paid between August… continue reading →

R-L: Mrs Folasade Onanuga(DG Laspec) Presenting Bond Certificate to a retiree

Payment of Pension Continues: Lagos Pays N649m to 119 Retirees

The Lagos State Pension Board in January, 2016 issued Retirement Benefit Bond Certificates for a total sum of N649m to 119 retirees from the Mainstream Service, Local Government, SUBEB, TEPO and Parastatals of Government. This brings the number of retirees paid so far between August 2015 to January 2016 to 2,409. Total Accrued pension rights… continue reading →

Lagos Appoints additional Pension Fund Administrators

The Lagos State Governor, Mr.Akinwumi Ambode, in a bid to ensure efficient and effective Pension Scheme has approved the appointment of four(4) additional Pension Fund Administrators to the existing six (6) PFAs whose services are already being used in the State. This was contained in the circular issued on Monday from the Office of the… continue reading →

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Components Of Retirement Savings Account

COMPONENTS OF THE RSA: The 7.5% monthly deduction of basic, rent (housing) and transport allowance from the employee’s salary plus the accrued interest. The 7.5% monthly contribution by the state Government/employer plus accrued interest The additional voluntary contribution if any, by the employee to boost the contributions towards providing comfort in retirement. The accrued pension… continue reading →

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LASPEC GETS A NEW DIRECTOR GENERAL

Mrs. Folashade Onanuga has been appointed to be the new Director General of Lagos State Pension Commission. She is  Fellow, Chartered Insurance Institute of London, Fellow, Institute of Chartered Secretaries and Administrators, Fellow, Certified Pension Institute, is a renowned Chartered Insurance Practitioner, born on 7th of August, 1962. She graduated from the famous University of… continue reading →

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RETIREES SMILE AS AMBODE PAYS RETIREMENT BOND BENEFITS

  The Governor of Lagos State, Mr Akinwunmi Ambode recently put smiles on the faces of retirees with the presentation of Retirement Benefit Bond Certificates to 658 retirees in the State. The ceremony which was held in the NECA Auditorium, CBD Alausa was meant to usher in financial empowerment in retirement for the retirees. The… continue reading →

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Lagos State Pension Commission

Introduction The Lagos State Pension Reform Law 2007 was signed into law on 19th March 2007. It established for the Public Service of Lagos State, a Contributory Pension Scheme for the payment of retirement benefits of employees in the service to whom the scheme applies. The scheme covers all pensionable employees in the Public Service… continue reading →

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The Lagos State Pension Reform Law

The Lagos State Pension Reform Law 2007 was signed into law on 19th March 2007. It established for the Public Service of Lagos State, a Contributory Pension Scheme for the payment of retirement benefits of employees in the service to whom the scheme applies. The scheme covers all pensionable employees in the Public Service of… continue reading →