The Management and Staff of LASPEC felicitate with our quintessential leader the Director General, Mr. Babalola Obilana on his birthday, we honor your dedication, wisdom and achievements. Congratulations sir! May this milestone be a catalyst for even greater things to come

ONGOING Event

Online Pension “I AM ALIVE” VERIFICATION Exercise

The Verification portal will be open from 3rd July-17th July 2023

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About LASPEC

Established by the Lagos Pension Law 2007

Established by the Lagos State Contributory Pension Scheme law 2007 as a corporate entity to regulate, supervise and ensure the effective administration of pension matters in the Lagos State Public Service

The Lagos State government, against the background of challenges with the Defined Benefit scheme, also adopted the new Contributory Pension scheme and became the first State in Nigeria to commence the new scheme with the signing into law on 19th March 2007 of the Lagos State Pension Reform Law 2007 and eventual commencement in July 2009.

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Management Team

Management

The Management team of the Lagos State Pension Commission consists of Executive Directors and Head of Departments of the various units of the organization

With combined expertise across the Banking, Finance, Investments, Human Resources and Public Relations, they provide LASPEC with top class management that has made the commission one the most efficient and effective agency of the Lagos State Government

Vision & Mission

The Lagos State Pension Commission Vision and Mission statements encapsulates its core values and organizational goals, that expresses its corporate culture of excellence, service and technology focused approach to delivering on its mandate of exceptional service 

To provide first-class regulatory and supervisory services on pension matters to all stakeholders in the Lagos State Public Service

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Vision & Mission

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107 bond ceremony
Presentation

Lagos State Government pays N740m accrued pensions

The Lagos State Government has paid N740 million accrued pension rights to another set of 348 retirees. Mr Babalola Obilana, Director General, Lagos State Pension Commission(LASPEC), confirmed this at the 107th batch retirement bond certificate presentation ceremony on Friday in Lagos.

Resources to Help You Stay On top of your Retirement and Pensions

Resource Center

01

Acts & Legislation

Acts and Legislation governing the Lagos State Pension Commission

02

Publications

Formal publications related to pensions, retirement, benefits and administration

03

Compliance

Compliance requirements for PFAs approved by Lagos State Pension Commission

04

Forms

Application and retirement benefit application and processing forms

05

Guidelines

Guidelines for pension and retirement benefits operations, administration and management

06

Regulations

Regulations governing pension and retirement benefits processing, operations

Frequently Asked Questions

  • LASPEC

    ABOUT LAGOS STATE PENSION COMMISION

  • Who or what is LASPEC?

    LASPEC is the Commission set up by Lagos State Government to protect your interest under the new scheme. LASPEC is to register PFAs to sign up Lagos state workers and supervise their operations. They are to ensure that you regularly get your Statement of Account from the PFA; ensure that your contributions are secured and that you get paid your retirement benefits quickly.

  • PENSION

    ABOUT PENSION REFORM & LAW

  • Can I have access to my account if my employer has unremitted contributions that has not been credited into my RSA?

    No, you cannot. All contributions must be domiciled into your Retirement Savings Account before you can be allowed to access the account. The table below highlights the key features of Programmed Withdrawal & Annuity:

  • What happens if I join service after the commencement of the contributory pension scheme?

    You can almost immediately begin to draw monthly pension from your RSA account. You do not need any documentation. All what is required is a letter from your Agency to state your entry and exit date. Your mode of exit will also be stated. LASPEC will immediately issue Clearance Letter to your PFA to allow you access to your RSA account, as you are not entitled to accrued pension rights for service under the discontinued scheme.

  • What if I die without a will?

    Then you create a lot of problems as your beneficiaries or Next of Kin will not be able to access your RSA balance until and unless they produce a Letter of Administration that will be obtained from the Probate Registry. This may take some time to collect and you are therefore advised to put your house in order to avoid pains to your family in the event of unexpected death.

  • Is a will an important document for my next of kin to be able to access my RSA balance?

    Yes. It is essential. All workers are advised to seek legal

  • In the event of death, what happens if the next of kin (NOK) in my service record differs from the one I indicated in the form completed and submitted to the PFA?

    The NOK is the first contact in the event of death and is not necessarily a beneficiary to the Estate of a deceased person.

  • What is guaranteed period of payment of annuity benefit?

    Guaranteed minimum period is 10 years. I.e. if death occurs before 10 years of collecting monthly pension, the balance of pension payable up to the 10th year is paid to named beneficiaries. However, if death occurs after the guaranteed period, no payment is made to the named beneficiary.

  • What is annuity for life?

    This is an Insurance product. It is a contractual arrangement between you and your appointed Annuity Service provider i.e. a life Insurance Company. The contract states that for a premium agreed by you, the Company promises to pay you pension, for as long as you live. You will instruct the PFA to transfer monies for payment of Pensions to the Insurance Company. That is the Premium. However, the annuity payment has a guaranteed minimum payment period of 10 years.

  • What is programmed withdrawal benefit?

    A Programmed Withdrawal Benefit is the method by which an employee collects his retirement benefits in periodic sums (either monthly or quarterly) throughout the length of an estimated life span. It is a fund management product by Pension Fund Administrators who act as your fund manager in retirement. Payment of monthly pension will be made from the RSA. Investments continue to be made and you are entitled to receive Statements of payment made as pension and also see inflow of investment returns. In the event of death of retiree at any time, balance in the account is payable to beneficiaries of the Estate of the deceased.

  • What is the retirement age under pension reform law?

    The law does not specify any retirement age. However from age 50, you can opt to leave service and be able to access your RSA.

  • What is multi fund structure?

    This is a framework which aims to align your age with a risk profile. There are 4 Fund types - 3 active funds and 1 retirees Fund. Fund I has the highest risk appetite and contributors must write formally to opt for this fund. Fund II — Default fund for contributors aged 49 and below. Fund III — Default fund for contributors aged 50 and above Fund IV — Retiree Fund. This fund has minimal exposure to risky investments.

  • RETIREMENT

    ABOUT RETIREMENT & BENEFITS

  • What is disability benefit?

    Where a doctor certifies you as unfit to continue to work, you are allowed to access your RSA balance.

  • What is survivor benefits?

    This is benefits payable to your beneficiary or next of kin in the event of death in active service. Your beneficiary is entitled to receive the RSA balance amount which is made up of accrued pension rights for past service before April, 2007,: contributions under the new scheme and accrued interest. Your dependents in addition are entitled to a death benefit which is equal to 320% of your annual total emolument. This death benefit is processed by the Insurance department of the Ministry of Finance for Public Servants and by agencies for Parastatals.

  • What end of service end of service benefits are available under the new scheme?

    • Programmed Withdrawal benefits or Annuity for Life
    • Lump sum benefit
    • Survivor benefits and disability

  • At retirement or age 50, what is the proper procedure to follow for me to access my RSA balance?

    • 6 months before planned exit; please ensure that you forward your retirement notification from place of employment to LASPEC
    • Collect a pension form which has to be completed by you and your employer. The form will be returned to LASPEC from the Ministry /Agency
    • LASPEC will issue you a Bond Certificate for your accrued rights for past service with the State and redeem amount into your RSA account.
    • LASPEC will issue a Clearance Letter to confirm that you are an employee of the State. The Clearance Letter will be sent from LASPEC to the PFA. You will complete documentation with the PFA and opt whether you want an annuity or a programmed withdrawal.

  • When will I have access to money in my RSA?

    At age 50 or retirement, whichever comes later, if however before age 50, you have to retire due to mental or physical incapacity, you can have immediate access to the balance in your RSA. You need a doctor's report to authenticate the level of incapacity.

  • Can Lagos state government take or use the money in my RSA for any purpose?

    The government cannot tamper with the pension funds in your RSA. The Government cannot have access to the account. It is your account.

  • If I make additional voluntary contribution, can i withdraw from this before age 50?

    Yes you can collect the AVC contribution even whilst you are in service The only issue is that if you make withdrawals of AVC before a period of 5 years, you will pay tax on the contributions. It is therefore advisable that you draw the balance as a lump sum immediately on retirement.

  • Can I contribute more into my RSA?

    Yes. You are allowed to make Additional Voluntary Contribution (AVC) to augment your RSA balance and thereby secure a more comfortable future for yourself at retirement. The AVC is deducted at source. It could be a percentage of your salary or could be a specified amount and instruction must be given to the pay office authorizing the deduction from your salary.

  • Can I collect my benefits at age 45 as the public service rules states that at age 45, I can be a pensioner?

    No. The 2007 Pension Law (now amended) supersedes. Benefits in RSA account can be collected at age 50. However there is a provision under the new scheme that where an individual has been out of job for a period of 3 months and has been unable to secure another employment, a maximum percentage of 25% of the RSA balance can be collected as lump sum with balance receivable at age 50.

  • Must I leave service before i can have access to my RSA?

    Yes. As the name suggests, the account is an account for your retirement i.e. exit from service. The balance in the account will be utilized to provide you with income in retirement or when you are out of the service from age 50.

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    Management Team

    Lagos State Pension Commission

    Babalola Obilana

    Babalola Obilana

    Director General
    Babalola is an outstanding, experienced and accomplished financial and investment professional.
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    Muyiwa Oshin

    Olumuyiwa Oshin

    Executive Director Finance & Investment
    Olumuyiwa is a consummate investment banking professional with a remarkable depth of transaction experience.
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    Adeteju Alao

    Adeteju Alao

    Director Finance and Account
    Adeteju Alao is a versatile accountant & administrator with a versatile experience and innovative mindset.
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    Yusuff Babatunde

    Yusuff Babatunde

    Director Technical Department
    Yusuff is an exceptional Project Manager and experienced ICT Professional
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    Olubukola-Ogunyemi

    Olubukola Ogunyemi

    Director (Admin. & Human Resource)
    Olubukola is a seasoned administrator & chartered HR professional
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    Ademola Wellington

    Ademola Wellington

    Head Of Department ICT
    Ademola is an innovative, experienced ICT Professional
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    Sofolarin Soyombo

    Assistant Director (Legal)
    Sofolarin is an experienced legal practitioner and administrator
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    Femi Soetan

    Adewale Soetan

    Head Of Department Finance & Investment
    Wale is a gifted and talented Financial Expert and experienced Chartered Accountant
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    Our Core Values

    Lagos State Pension Commission

    Our Core Values form an integral part of our people and culture

    Transparency

    Integrity

    Accountability

    Responsibility

    Competence

    Acts & Legislation

    Publications

    The Voluntary Contribution Scheme 2017

    A publication for establishing a framework for the implementation of the Voluntary Contribution Scheme 2017

    Compliance

    Guidelines

    Regulations

    Regulations For The Administration Of Retirement And Terminal Benefits

    Compliance Guidelines for Pension Fund Administrators approved by the Lagos State Government

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    Disclaimer

    It has come to our attention that a nebulous association is currently presenting itself as
    the official spokesperson for retirees. We would like to inform the general public that the activities of this association is not endorsed by the Commission.

    Please be advised that any statements, activities, or representations made by this
    association do not reflect the views, policies, or position of the Lagos State Pension
    Commission except otherwise stated.

    We urge the public to exercise caution and verify the authenticity of any communicationor action claimed by this group.

    For authentic and verified information about pension matters in Lagos State Public
    Service, direct all enquiries to the Lagos State Pension Commission

    Thank you for your attention to this matter.

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    Organizational Structure

    Lagos State Pension Commission

    Laspec-Organogram Board Chairman Pen-Admin Unit Reconciliation Unit Registry Unit Inspectorate Department Retirement Benefit Processing Unit E-Archive Unit Eexcutive Director Finance & Invest. HOD Admin & HR HOD Accounts Department HOD Techical Department HOD Finance & Invest. HOD ICT Department HOD Public Affairs Unit Eexcutive Director Technical Budget & Planning Internal Audit Board Secretary Director General Board Members