LAGOS: The Lagos State Pension Commission (LASPEC) has commenced a three-day sensitisation programme aimed at educating 7,457 employees from 20 local government areas across Lagos State about the contributory pension scheme. The initiative seeks to streamline the process for employees to access their pension benefits upon retirement.
According to News Agency of Nigeria, Mr Olabode Agoro, the Head of Service (HoS) for Lagos State, emphasized the significance of this programme during his opening remarks at the event. Represented by Mrs Olasunkanmi Oyegbola, the Permanent Secretary of the Lagos State Public Service Office, Agoro highlighted the state government’s dedication to providing its workforce with crucial information prior to retirement. He praised LASPEC’s continuous efforts to inform local government employees and the assurance that such initiatives would facilitate a smoother processing of retirement benefits under the Contributory Pension Scheme (CPS).
Agoro also commended Governor Babajide Sanwo-O
lu for bringing these sensitisation services directly to the workers, ensuring they are updated with current information necessary for efficient documentation.
Mr Babalola Obilana, Director-General of LASPEC, explained that the sensitisation programme was designed to raise awareness about the CPS and its essential role in securing a sustainable financial future for public servants. He reiterated that the CPS aims to provide a reliable source of income for employees upon retirement, with contributions from both employees and employers being managed by a designated authority.
Obilana noted that the administration of the CPS in Lagos State has evolved over time, with several updates enhancing its efficiency, transparency, and accessibility. He mentioned that LASPEC has strengthened its collaboration with Pension Fund Administrators (PFAs) and Annuity Service Providers (ASPs) to safeguard pension funds and ensure accessible benefits for workers.
However, Obilana pointed out that some public servants have not
yet opened their Retirement Savings Accounts (RSAs), which could jeopardize their future financial security. He urged employees to open their RSAs promptly to ensure their contributions are invested and managed effectively.
In addition to the programme, Mr Billy Osazuwa from Trustfund Pension Administration advised employees to ensure their personal data, such as names and date of birth, are accurately recorded and continuously updated to facilitate timely access to their funds.
Mr Adedamola Basorun, Branch Manager at Heirs Insurance Group, also provided insights into the CPS guidelines and its benefits, emphasizing the importance of maintaining accurate personal records for seamless pension processing.