Pension and Insurance Stakeholders commend Fashola

FOR PRESS1

The out-going administration of Governor of Lagos State, Mr.Babatunde Raji Fashola, SAN has been commended for exhibiting unparalleled and unequalled commitment to the Contributory Pension Scheme amongst the States in Nigeria.

 

This commendation was given today on behalf of Stakeholders in the Pension and Insurance industry, by the Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain, during the eight Pre-Retirement Seminar organized by the Commission for workers who are retiring from the Lagos state Public Service between July and December, 2015.

 

The Director-General said, ”It gladdens my heart to state that just as the out-going administration of Mr. Babatunde Raji Fashola, SAN has performed excellently in all areas of human endeavours, it’s scorecard in the Contributory Pension Scheme is unmatched in the whole of this Country”.

 

He stated that as at the 16th bond presentation which was held on 24th February, 2015 a total sum of N32,209,277,445.85K (Thirty-Two Billion, Two Hundred and Nine Million, Two Hundred and Seventy-Seven Thousand, Four Hundred and Forty-Five Naira, Eighty-Five Kobo) being the past service benefits, had been paid into the Retirement Savings Accounts (RSAs) of 6,145 workers who retired from the State Public Service from 2010 till date.

 

Mr. Hussain stressed further that apart from the huge sum the administration had paid as benefit to retirees under the scheme, the employer/employee joint contributions of 15 per cent have also grown to N57,317,612,309.39K (Fifty-Seven Billion, Three Hundred and Seventeen Million, Six Hundred and Twelve Thousand, Three Hundred and Nine Naira, Thirty-Nine Kobo) only since inception of the scheme in 2007.

 

While expressing the hope that the laudable achievements of Mr. Babatunde Raji Fashola’s administration in the Contributory Pension Scheme will be consolidated upon by the newly elected Governor, he said, “We are confident that the in-coming administration of Mr. Akinwunmi Ambode and Dr. (Mrs.) Idiat Adebule wouldl not relent on efforts at ensuring that employer/employee joint contributions are remitted regularly and every worker who serves the State Government continues to enjoy the best of pension services in our tradition of excellence”.

 

According to Mr. Hussain, the bi-annual seminar was organized by the Commission with support of the Pension Fund Administrators (PFAs) and Insurance Companies recognized by the State. He added that about 1500 employees from the Ministries, Departments and Agencies as well as Local Government Staff attended the seminar.

 

He emphasised that the seminar was designed to further broaden the knowledge of participants on the best way of preparing for their retirement and accessing their retirement benefits under the Contributory Pension Scheme (CPS).

 

The LASPEC boss assured participants that his Commission and other Stakeholders are resolute at assisting them to adequately prepare for their Physical, Emotional and Financial well-being in retirement as well as afford them the benefit of being in a better position and frame of mind to build a comfortable and rewarding life in retirement.

 

The Hon. Commissioner for Establishments, Training & Pensions, Mrs. Florence Oguntuase was represented by the Permanent Secretary, Civil Service Pensions Office while the Head of Service, Mrs. Shade Jaji, was represented by the Permanent Secretary, Public Service Office, Mr. Olalekan Akodu.

 

 

 

Taofeek Lawal

Press & Public Relations Officer