LASPEC sensitises 7,457 LG workers to contributory pension
By Rukayat Adeyemi
The Lagos State Pension Commission (LASPEC) has begun a three-day sensitisation programme for 7,457 employees across 20 local government areas in the state to facilitate seamless access to their pension benefits upon retirement.
Mr Olabode Agoro, Head of Service (HoS) Lagos State, in an opening remark at the sensitisation programme on Tuesday in Lagos, said that the state government was concerned about giving the right information to its workers before retirement.
Agoro, represented by the Permanent Secretary, Lagos State Public Service Office, Mrs Olasunkanmi Oyegbola, underscored the government’s commitment to equipping workers with necessary information ahead of retirement.
“It is very important to propel one to success. That is why we thank LASPEC for its deliberate effort geared toward continuous sensitisation of the local government employees.
“I applaud this initiative, because having received important and necessary facts, seamless processing of retirement benefits under the Contributory Pension Scheme(CPS) is guaranteed. Knowledge, they say, is power and information is key,” he said.
According to him, the initiative by LASPEC will guide the public servants in navigating the retirement phase and assit them in accessing their retirement benefits after their exit from the state’s public service.
Agoro lauded Gov. Babajide Sanwo-Olu for his efforts in bringing the sensitisation services to the doorstep of the workers, while also updating them with current information for easy and accessible documentations.
In his remarks , Mr Babalola Obilana, Director-General, LASPEC, said that the sensitisations was designed to reawaken the consciousness of the employees on the CPS toward their retirements.
Obilana said that the sensitisation programme not only provide essential updates and improvements to the CPS, but also emphasised its crucial role in ensuring a secured and sustainable future for all public servants.
He explained that the CPS was established with the primary goal of ensuring that every employee had a reliable and sustainable source of income upon retirement.
“The scheme is based on a straightforward principle: both employees and employers contribute a portion of the employee’s salary into a pension fund, which is then managed by a designated authority.
“Over the years, the administration of the CPS in Lagos State has evolved, with several key updates aimed at improving efficiency, transparency and accessibility,” he said.
Obilana added that the changes reflected an ongoing commitment to safeguarding pension funds and ensuring that workers’ benefits were both protected and accessible when needed most.
He stated that LASPEC had also strengthened collaboration with the Pension Fund Administrators (PFAs) and the Annuity Service Providers (ASPs).
The director-general, however, added that some public servants in the state had yet to open their Retirement Savings Accounts (RSAs).
“This oversight has serious implications for your future financial security. Without an RSA, your pension contributions remain in an escrow account, rather than being invested and managed to generate growth.
“This situation not only limits the potential of your retirement savings, but also complicates the pension payment process when you retire.
“I cannot stress enough the importance of opening your RSA without delay. If you have not done so, I strongly urge you to take action today,” he said.
In a lecture, Mr Billy Osazuwa, a representative of Trustfund Pension Administration, urged the employees to take cognisant of their names, date of birth, next of kin and other data, while receiving their pension updates.
He urged the workers to give valid information and keep updating their records to ensure prompt access to their fund at retirement.
“When you wait for retirement days, it is going to be difficult to access your fund,” he said.
Also, Mr Adedamola Basorun, Branch Manager, Heirs Insurance Group, provided insights into the CPS guidelines and its associted benefits.(NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
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