LASPEC prepares civil servants for retirement under CPS

L-R: Permanent secretary, Teachers’ Establishment and Pensions Office, Mr. Nurudeen Ojora; Head of Service, Mrs. Josephine Williams; commissioner for Establishments, Training and Pensions, Mrs. Florence Oguntuase and Director-general, Lagos State Pension Commission, Mr. Rotimi Hussain, during the seventh pre-Retirement Seminar organized by LASPEC in Lagos
L-R: Permanent secretary, Teachers’ Establishment and Pensions Office, Mr. Nurudeen Ojora; Head of Service, Mrs. Josephine Williams; commissioner for Establishments, Training and Pensions, Mrs. Florence Oguntuase and Director-general, Lagos State Pension Commission, Mr. Rotimi Hussain, during the seventh pre-Retirement Seminar organized by LASPEC in Lagos

The Lagos State Pension Commission in its usual tradition of adequately preparing employees in the State Public Service towards their retirement is organizing a Pre-Retirement Seminar for over One Thousand workers, who are statutorily retiring from the service between January and June, 2015.

 

Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain who disclosed this in his office recently, said that the Pre-Retirement Seminar which is the seventh of its kind will take place at the Adeyemi-Bero Auditorium, the Secretariat, Alausa on Thursday, 8th January, 2015.

 

According to the LASPEC boss, the seminar which is usually being organized in collaboration with the State’s approved 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 they will monitor and ensure that their Retirement Savings Account is up to date with payment of the statutory monthly contributions and also expatiate on 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, “Living healthy in retirement” and “Making good Investment decisions”.

 

The Director-General expressed his Commission’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.

 

Mr. Hussain recalled that as at the 15th Retirement Bond Certificate presentation ceremony which was held in December, 2014 the administration of Governor Babatunde Raji Fashola, SAN has paid a total sum of N30,479,043,146.76K (Thirty Billion, Four Hundred and Seventy-Nine Million, Forty-Three Thousand, One Hundred and Forty-Six Naira, Seventy-Six kobo) only into the Retirement Savings Accounts (RSA) of 5,773 retirees under the Contributory Pension Scheme.

 

Meanwhile, the Commission has concluded arrangement for a One-day seminar for Directors of Finance and Administration (DFAs) and Pension Desk Officers on the provisions of the Pension Reform Act 2014 which repealed the Pension reform Act 2004 on which the Lagos State Pension reform Law 2007 was based.

 

The Seminar which comes up January 15 according to the Director-General, will enable Ministries/Departments/Agencies (MDAs) of government to have a clearer understanding of the new Act and the implications for pension administration in the State Public Service.

 

 

Taofeek Lawal

Press & Public Relations Officer.