The Lagos State Pension Reform Law 2007 was signed into law on 19th March 2007. It established for the Public Service of Lagos State, a Contributory Pension Scheme for the payment of retirement benefits of employees in the service to whom the scheme applies. The scheme covers all pensionable employees in the Public Service of the State, employees of Local Government Councils, Tertiary institutions and all Parastatals established by the State Government. LASPEC (Lagos State Pension Commission) is a government parastatal, established in 2009 to help with the policy of securing the future of employees in the public service of Lagos state.
Duties of the commission
The Lagos State Pension Commission (LASPEC) is to:
Regulate and supervise the Scheme established under the Lagos State Pension Reform Law 2007;
Register and maintain a list of approved pension fund administrators, custodians and other institutions relating to pension matters as the National Pension Commission (PENCOM) may from time to time determine;
Monitor and ensure that the guidelines for the investment of pension funds as issued by the National Pension Commission are complied with;
Ensure the maintenance of a databank for pensioners in the State;
Carry out public awareness and education on the establishment and management of the Scheme;
Receive and investigate complaints leveled against any pension fund administrator, custodian or employer or any of their staff or agent by any employee or former employee of Lagos State Government;
Liaise with the National Pension Commission from time to time;
In addition, the Commission shall formulate, direct and oversee government policy on pension matters and can request or call for information from any employer or pension fund administrator or any persons or institution on matters relating to the retirement benefits of employees in the Public Service of Lagos State as well as other such things that would ensure the efficient performance of the Commission.