LAGOS WANT PRIVATE EMPLOYERS OF LABOUR TO CUE INTO THE CONTRIBUTORY PENSION SCHEME

L-R: Executive Director (Technical), Mrs. Folashade Onanuga; Permanent Secretary, Civil Service Pensions Office, Mrs. Folasade Adesoye (standing); Direcor-General LASPEC, Mr. Rotimi Adekunle Hussain and Executive Director (Finance & Investment), Dr. Adekunle Wright at the 6th Pre-Retirement Seminar organised by LASPEC in Lagos
L-R: Executive Director (Technical), Mrs. Folashade Onanuga; Permanent Secretary, Civil Service Pensions Office, Mrs. Folasade Adesoye (standing); Direcor-General LASPEC, Mr. Rotimi Adekunle Hussain and Executive Director (Finance & Investment), Dr. Adekunle Wright at the 6th Pre-Retirement Seminar organised by LASPEC in Lagos

… HOLDS 6th PRE-RETIREMENT SEMINAR FOR 1,200 STAFF

The Lagos State Government today held the 6th Pre-Retirement seminar for over 1,200 of its staff due for retirement in the next six months with a call to all employers of labour especially members of the organized private sectors to cue into the contributory pension scheme.

The Director General of the State Pension Commission, LASPEC, Mr. Rotimi Hussain who puts the statistics of workers within the pension  net nation-wide at an approximate thirty per cent added that more efforts needs to be geared towards enlarging and expanding contribution to the new pension initiative especially among the private sectors.

He made this disclosure at the 6th pre-retirement seminar held at Alausa for core Civil Servants, SUBEB Staff, Parastatals and Local Government employees due to retire between July and December, 2014.

He restated that the desire of the Lagos State Government is aimed at giving equal treatment to all its staff irrespective of which Ministry, Department or Agency they work by ensuring that workers’ monthly pension contribution is remitted to the appropriate Pension Fund Administrators (PFAs) promptly and as at when due.

Hussain added that the highest compliant to the Pension Reform Act is still largely recorded in the public sector, stressing that employers of labour from the informal sector should also embrace the initiative as a way of safe-guiding the future of their workers and imbibing the saving culture.

According to him the Pre-Retirement seminar was conceived as a way of addressing difficulties experienced by retirees in the past in accessing their entitlements after retirement.

“I wish to emphasise again that amongst other things, the purpose of this seminar is to explain the procedures for processing your end of service benefits; how to monitor and ensure that your Retirement Savings Account is up to date with payment of the statutory monthly contributions, and also highlight the two exit options of ‘Programmed Withdrawal provided by the Pension Fund Administrators (PFAs) and the ‘Annuity For Life’ provided by the Insurance Companies as provided by the Lagos State Pension Reform Law 2007” he explained.

Citing the instances of some retirees who retired early this year and some who retired two years ago with the former already accessing their retirement benefits and the latter still struggling with the documentation processing, the Director-General said that delay in payment benefits after retirement is often caused by lackadaisical attitude from the retirees and their inability to commence the processing of their documents some months before their exit from the service.

Series of lectures were given to the prospective retirees on how to manage their retirement benefits, how to live and stay healthy in retirement, how to choose the best retirement plan that best sooth their needs, importance Will preparation etc.

LAWAL.   (LASPEC P.R.O.)