LASPEC prepares civil servants for retirement under CPS


Over One Thousand employees in the Ministries, Departments and Agencies (MDAs) as well as Local Government employees, who are retiring from the Lagos State Public Service between July and December, 2015 will undergo a one-day seminar to prepare them for retirement under the Contributory Pension Scheme.


This was revealed by the Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain, who in a statement released by his office, said that the Pre-Retirement Seminar which is the eighth of its kind will take place at the Adeyemi-Bero Auditorium, Secretariat, Alausa on Monday, 11th May, 2015.


According to the LASPEC boss, the seminar which is regularly being organized by the Commission with the support of State’s recognized Pension Fund Administrators (PFAs) and Insurance Companies is 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).


Hussain stressed further that the seminar will amongst other benefits, explain the procedures for processing the end of service benefits; how the would-be retirees monitor and ensure that their Retirement Savings Account is up to date with payment of the statutory monthly contributions and also explain 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.


He added that other areas the seminar will dwelt upon, include topics such as, “Healthy Living in retirement” and “Making good Investment decisions”.


The Director-General expressed his Commission and other Stakeholder’s appreciation to His Excellency, Governor Babatunde Raji Fashola, SAN for the achievement so far made in the administration of the Contributory Pension Scheme in the state, adding that the unparalleled and unequalled commitment exhibited by the Governor has continued to earn the State accolades and respect across the country in the operations of the Contributory Pension Scheme.





Taofeek Lawal

Press & Public Relations Officer.