Lagos consolidates leadership status on Contributory Pension Scheme

The Special Adviser and Chairman, LASPEC, Mr. Babatunde Dabiri presenting Retirement Bond Certificate to a retiree. With them are DG LASPEC, Mr. Rotimi Adekunle Hussain and Mrs Raolat Alaka, member of LASPEC Board.
The Special Adviser and Chairman, LASPEC, Mr. Babatunde Dabiri presenting Retirement Bond Certificate to a retiree. With them are DG LASPEC, Mr. Rotimi Adekunle Hussain and Mrs Raolat Alaka, member of LASPEC Board.


With the payment of N22.706,091,095.01k being accrued pension rights to 4,199 retirees who retired from the State Public Service under the Contributory Pension Scheme between 2010 till date, the Lagos State Government has consolidated and confirmed its leadership status in the administration of the Contributory Pension Scheme in Nigeria.


This view was espoused by the Director-General, Lagos State Pension Commission (LASPEC), Mr. Rotimi Adekunle Hussain, during the presentation of Retirement Bond Certificates to 299 retirees at the auditorium of the Nigeria Employers’ Consultative Association (NECA), Alausa, Lagos, recently.


Mr. Hussain revealed that the Retirement Savings Account (RSA) of each of the 299 retirees in the tenth batch, had been credited with a total sum of N1,213,983,862.24K (One Billion, Two Hundred and Thirteen Million, Nine Hundred and Eighty-Three Thousand, Eight Hundred and Sixty-Two Naira, Twenty-Four Kobo only) being their accrued rights for past service to the State prior to the commencement of the Contributory Pension Scheme in 2007.


The LASPEC boss, who described the tenth Retirement Bond presentation as a turning-point in the history of the Contributory Pension Scheme in the State, applauded the retirees for their dedication, commitment and resourcefulness during their service year, saying their efforts and loyalty to the respective administrations in the State shall forever be appreciated.


The Director-General urged the retirees to immediately after the ceremony, proceed to their Pension Fund Administrators (PFAs) for necessary documentation. He said, “Dear esteemed retirees, the next step for you now, is to proceed to your respective Pension Fund Administrators to formalize the processing of your benefits”, adding the retirees ought to have made up their minds on either of the exit options available under the Contributory Pension Scheme.


Mr. Hussain however assured the retirees of guaranteed maximum protection of their retirement benefits, saying the Lagos State Pension Commission has confidence in the ability and capability of the six Pension Fund Administrators and the five Insurance Companies to serve them adequately and satisfactorily.


He stated that from inception of the Scheme in 2007 to date, the administration of His Excellency, Mr. Babatunde Raji Fashola (SAN), has contributed N47,443.042,244.17k (Forty-Seven Billion, Four Hundred and Forty-three Million, Forty-Two Thousand, Two Hundred and Forty-Four Naira, Seventeen Kobo only) being the monthly deduction of 7.5 per cent of the Basic, Rent and Transport allowances from the salary of every worker and the counterpart 7.5 per cent contribution by the State Government into the Retirement Savings Accounts (RSAs) of every employee with the State’s approved Pension Fund Administrators (PFAs).


While urging the retirees to take advantage of the lessons learnt at the Pre-Retirement Seminars, especially in their dealings with the Pension Fund Administrators, he informed them that the State had given LASACO Insurance the mandate to join the group of Insurance Companies providing Annuity service.


It will be recall that the State had earlier given approval to four Insurance Companies to provide Annuity service to retirees. These include; African Alliance Insurance Company, AIICO Insurance, Leadway Assurance and ARM LIFE Assurance Company. The inclusion of LASACO has thus brought the Insurance Companies providing Annuity service to Lagos retirees to five.


In her goodwill message, the Hon. Commissioner for Establishments, Training & Pensions, Mrs. Florence Oguntuase who was represented by the Permanent Secretary, Civil Service Pensions Office, Mrs. Folasade Adesoye, urged the retirees to pay adequate attention to their health and Endeavour to be actively involved in Community development activities in the respective neighborhood.


The Head of Service, Mrs. Josephine Oluseyi Williams while enjoining the retirees to always relate with the Office of Head of Service, particularly the Post service department on issues of importance, said that her Office has continued to intensify efforts at ensuring that retirees continues to live well in retirement.



Taofeek Lawal

Press & Public Relations Officer