The current administration of Mr. Governor, Babajide Olusola Sanwo-Olu is committed to the speedy resolution of all pension issues in the State. Under his supervision, the Lagos State Pension Commission (LASPEC) paid not less than 1 Billion Naira monthly to the RSAs of pensioners.
INTRODUCTION
The Contributory Pension Scheme (CPS) became operational in the Lagos State Public Service on the 1st of April, 2007. Under the Scheme, monthly contributions by employees and the employer are promptly paid into the employees’ Retirement Savings Account (RSA).
Since the inception of the Scheme in April 2007, N108,882,471,109.06 (One Hundred and Eight Billion, Eight Hundred and Eighty-Two Million, Four Hundred and Seventy-One Thousand, One Hundred and Nine Naira, Six Kobo) only has been credited into the Retirement Savings Account of employees of the State Government.
ACTIVITY REPORT
1. In December, during the Mega Bond Presentation Ceremony, N2,007,307,586.92 (Two Billion, Seven Million, Three Hundred and Seven Thousand, Five Hundred and Eighty-Six Naira, Ninety-Two Kobo) was paid as accrued pension rights to 471 retirees by the State Government.
2. Furthermore, a total number of 6,950 retirees had their accrued pension right of N28,083,649,834.77 (Twenty-Eight Billion, Eighty-Three Million, Six Hundred and Forty-Nine Thousand, Eight Hundred and Thirty-Four Naira, Seventy-Seven Kobo) only, credited into their Retirement Savings Accounts between May 2019 and March 2021.
3. Pension contribution into RSAs increased effectively January 2020, from 7.5% of the monthly basic, housing and transport allowances of employees and 7.5% employer’s contribution to 8% employees’ contribution and 10% employer’s contribution. Total contribution is 18% monthly.
4. There are presently fifteen (15) approved Pension Fund Administrators who render pension fund management services to employees of the State. In the same vein, seven (7) approved Insurance Companies offer annuity services to retirees.
5. The Commission also issued Pensioners ID Cards to retirees with proposed benefits such as prompt medical services in Government-owned Hospitals and free transportation on Government Mass Transit Buses currently in view for retirees.
6. The Lagos State Pension Commission established the electronic archiving of the record of Pension payments and the vital documents of retirees for preservation and ease of reference.
7. The Lagos State Government launched a web portal specifically designed to allow prospective retirees and retired officers interact with the Lagos State Pension Commission on the management of retirees’ entitlements regardless of their location anywhere in the world.
8. In line with Mr. Governor’s commitment to the financial freedom of the State’s workforce, a Pension bail out of N13 billion and a new increment in the Retirement Bond Redemption Funding rate from 5% to 10% of the total emolument of active workers was approved in the Y2020 Budget. The upward review was to facilitate the reduction/eradication of the backlog of outstanding pension obligations.
9. The 16th and 17th Pre-Retirement Documentation Seminars for employees in the State Public Service held consecutively in 2019. However, due to the outbreak of Covid-19 in 2020, the 18th and 19th Seminars held via Zoom in Y2020.
10. Palliatives were distributed to Lagos State Pensioners to ease hardship during the Covid–19 lockdown in 2020.
11. The Commission undertook routine monthly inspections of Pension Fund Administrators (PFAs) and Parastatals of Government to ensure compliance with the Provisions of the Law.
CONCLUSION
Lagos State Government has been consistent in her leadership role in the implementation of the Contributory Pension Scheme in line with the provisions of the Lagos State Pension Reform Law of 19th March, 2007 now amended on 22nd February 2019.
The Lagos State Pension Commission is the trail blazer on pension matters in Nigeria, having won awards as the most compliant State in the dispensation on several occasions.
From left Mr. Olumuyiwa Oshin Executive Director Finance and investment, Lagos State Pension Commission and a retiree receiving her Bond Certificate from Mr. Babalola Obilana, Director-General Lagos State Pension Commission, during the 78th Bond certificates presentation ceremony @ Alausa Ikeja
From left Mr. Olumuyiwa Oshin Executive Director Finance and investment, Lagos State Pension Commission and a retiree receiving his Bond Certificate from the 78th Bond certificates presentation ceremony @ Alausa Ikeja
From left: Olumuyiwa Oshin; Executive Director, Lagos State Pension Commission, Finance and Investment , Mr. Babalola Obilana; Director General, Lagos, chairman Lagos State Civil Service Commission, Mrs. Olubunmi Fabanwo; presenting Bond certificate to a retiree and Commissioner for Establishments, Training & Pensions, Mrs. Ajibola Ponnle, at the Mega Bond Certificate Presentation on the 13th of December 2020.
From left Mr. Babalola Obilana, Director-General Lagos State Pension Commission, Mrs. Ajibola Ponnle Commissioner for Establishments ,Training and Pensions and a retiree receiving her Bond Certificate and Mr. Muyiwa Oshin Executive Director Finance and Investment during the Mega Bond Certificate Presentation on the 13th of December 2020.
From left Mr. Babalola Obilana, Director-General Lagos State Pension Commission, and a retiree receiving his Bond Certificate from Mrs. Ajibola Ponnle Commissioner for Establishments ,Training and Pensions and Mr. Muyiwa Oshin Executive Director Finance and Investment ,during the Mega Bond Certificate Presentation on the 13th of December 2020.
Mr. Muyiwa Oshin, Executive Director, Finance & Investment, distributing Palliatives to Lagos State Pensioners to ease hardships during the Covid–19 lockdown in March 2020.
From left Mr. Olumuyiwa Oshin Executive Director Finance and investment, Lagos State Pension Commission Mrs. Adenike Gbenle a Retiree receiving her Bond Certificate from Mr. Babalola Obilana, Director-General Lagos State Pension Commission, during the 83rd Bond certificates presentation ceremony @ Alausa Ikeja
From left Mr. Olumuyiwa Oshin Executive Director Finance and investment, Lagos State Pension Commission Mrs. Magret Kolawole a retiree receiving her Bond Certificate from Mr. Babalola Obilana, Director-General Lagos State Pension Commission, during the 83rd Bond certificates presentation ceremony @ Alausa Ikeja
From left Mr. Olumuyiwa Oshin Executive Director Finance and investment, Lagos State Pension Commission and a retiree receiving her Bond Certificate from Mr. Babalola Obilana, Director-General Lagos State Pension Commission, during the 83rd Bond certificates presentation ceremony @ Alausa Ikeja
From left Mr. Olumuyiwa Oshin Executive Director Finance and investment, Lagos state Pension Commission Mrs. Christiana Alakija a retiree receiving her Bond Certificate from Mr. Babalola Obilana, Director-General Lagos State Pension Commission , during the 82nd Bond certificates presentation ceremony @ Alausa Ikeja
Public Affairs Unit
Lagos State Pension Commission
NECA House, Alausa, CBD,
Ike
