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 Head of Service, Mrs. ‘Shade Jaji.

The addition would pave way for competition among the Administrators. It would also create enabling environment to facilitate evolvement of quality, investible products through which the pension assets can be invested safely, with high returns for the contributors.  The addition is also part of the innovation in guidelines, regulations codes and various other rules that guide the operations.

According to the Head of Service, in as much as Pension contributions are given a first line charge treatment against the State’s Consolidated revenue, it is worthwhile for this administration, which is a people oriented one, to make sure that Pensioners live in peace and comfort, having spent the better part of their lives in active service.

The four (4) additional Pension Fund Administrators (PFAs) include; the Premium Pension Managers Limited, Pension Alliance Limited, AIICO Pension Manager Limited and Fidelity Pension Manager Limited.

With the present addition, the State Government now has ten (10) approved Pension Fund Administrators to manage and maintain the Retirement Savings Account of Employee and five (5) Life Annuity Service Providers

 

Lawal, Basirat A.(Mrs.)

Press/ Public Relations Officer (Lagos State Pension Board)

September 22, 2015