Category: Pension

  • PenCom set to pay MDAs’ retirees

    PenCom set to pay MDAs’ retirees

    • Fed Govt releases N44b for unpaid pension

    A total of N44 billion has been released by the Office of the Accountant-General of the Federation (OAGF) to pay federal retirees.

    This was made known in a statement by the National Pension Commission (PenCom).

    The statement read: “This sum is part of the 2024 budget appropriation for January to June and has been deposited into the Retirement Benefits Bond Redemption Fund (RBBRF) Account at the Central Bank of Nigeria (CBN).

    “The primary objective of this disbursement is to partially settle the accrued pension rights of retirees of Federal Government Treasury-funded Ministries, Departments, and Agencies (MDAs) under the Contributory Pension Scheme (CPS).

    “The disbursed funds have been applied to settle the accrued pension rights of duly verified and enrolled retirees, covering the period March to September 2023 and some deceased employees. Accordingly, the remittances have been credited directly to the Retirement Savings Accounts (RSAs) of the affected retirees through their respective Pension Fund Administrators (PFAs).”

    According to PenCom, this move follows the recent disclosure by the Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, that plans had reached advanced stages and were expected to lead to lasting solutions that would resolve the challenges of inadequate funding and delayed fund releases for retirees’ accrued pension rights.

    “The issue of delayed payments of accrued rights has been an albatross for the CPS, undermining the scheme’s primary objective of ensuring that retirement benefits are paid promptly. The intractable delays, in turn, have caused hardship to retirees of treasury-funded federal MDAs.’’

    Read Also: Japa syndrome: Fleeing Nigeria is not the solution – Ajaero

    It continued: “The Contributory Pension Scheme (CPS) was designed to provide a sustainable and robust retirement savings plan for Nigerian workers. However, the delay in payment of accrued pension rights for FGN retirees which are the benefits earned by FGN MDA employees for their years of service before the CPS, has been a challenging issue. The accrued pension rights for FGN retirees cover the period of service up until June 2004 when the CPS commenced and, represents the pension entitlements borne by the Federal Government distinct from the contributions made to individual Retirement Savings Accounts (RSAs).

    “Recognising the vital importance of the timely resolution of this issue of accrued pension rights, PenCom has prioritised engaging with the relevant authorities to secure the full settlement of all outstanding liabilities. The National Pension Commission’s commitment to settling pension issues is rooted in its dedication to safeguarding contributors’ and retirees’ financial future, ensuring that the Contributory Pension Scheme provides timely and adequate retirement benefits.

    “The recent release of N44 billion marks a significant step towards addressing the challenges. Nevertheless, PenCom understands that work remains to be done to resolve retirees’ challenges in accessing their pensions.The Commission assures retirees that efforts will be sustained to ensure the full settlement of accrued pension rights for retirees.

    “Following the release of the funds, PenCom directed Pension Fund Administrators to expedite payment processing to ensure that the retirees receive their entitlements as quickly as possible. Furthermore, PenCom expressed appreciation to the retirees for their patience and understanding throughout this period of uncertainty and reaffirmed its dedication to safeguarding their retirement benefits at all times.’’

  • Capital Express Insurance Group unveiled

    Capital Express Insurance Group unveiled

    Capital Express Insurance Group has been unveiled at the Metropolitan Club in Lagos.

    The ceremony brought together industry leaders, financial experts, insurance stakeholders, and regulators.

    At the event, the rebranded Capital Express Life Assurance Limited—formerly known as Capital Express Assurance Limited — was introduced—and launched Capital Express Indemnity Insurance Limited (CEIIL).

    These two entities form the Capital Express Insurance Group.

    Director, National Insurance Commission (NAICOM), Dr. Julius Odidi, who represented the Commissioner for Insurance, Mr. Olusegun Omosehin, commended the Group for its vision and dedication to driving growth. He emphasised the pivotal role the Group would play in enhancing insurance penetration.

    Chairman, Capital Express Group, Chief Anthony Aletor stated that the transformation marked a step toward delivering solutions to clients. He said: “This rebrand and expansion mark the dawn of a new era for Capital Express. With the launch of the Capital Express Insurance Group, we are demonstrating our commitment to delivering cutting-edge insurance solutions while maintaining our core values of integrity, customer satisfaction, and innovation.

    “The rebranding also underscored the Group’s rich history of strong leadership and continuous innovation.’’

    Read Also: Nigeria must sustain investments, break barriers to meet global TB targets — First Lady

    As its first Managing Director/CEO, Chief Aletor, built a reputation for reliability, innovation, and customer-focused service delivery.

     Mrs. Adebola Odukale, who took over, introduced technology that positioned the company as a leader.  She handed over to Mr. Mathew Ogwezhi, who is championing a culture of growth, continuity, and innovation.

    Ogwezhi expressed optimism, saying: “Our transformation into Capital Express Life Assurance Limited is not just a rebrand; it is a reaffirmation of our commitment to creating value for our clients and stakeholders. Together with Capital Express Indemnity Insurance Limited, we are stronger, more innovative, and ready to lead the insurance industry into the future.”

    Managing Director/CEO, Capital Express Indemnity Insurance Limited, Mr. Adewale Koko, said: “The formation of Capital Express Insurance Group is a strategic leap forward. At Capital Express Indemnity Insurance Limited, we are excited to take up the mantle of providing comprehensive and innovative general insurance solutions. Our approach is rooted in understanding the unique needs of our clients and delivering value through personalised and responsive services. This is more than a new beginning; it is a commitment to driving excellence in every aspect of our operations.’’

  • Agusto & Co upgrades Unitrust Insurance Company’s  rating to A-

    Agusto & Co upgrades Unitrust Insurance Company’s  rating to A-

    Unitrust Insurance Company Limited’s credit rating has been upgraded from “Bbb+” to “A-” and a stable outlook has been attached to the rating.

    Unitrust said the achievement underscored the company’s good capitalisation on the back of strong shareholders’ support, good liquidity profile and improving investment returns.

    Read Also: Japa syndrome: Fleeing Nigeria is not the solution – Ajaero

    According to the company, the rating reflects Unitrust Insurance Company’s good financial condition and strong capacity to meet its obligations relative to all other insurance companies in Nigeria.

    Unitrust Insurance Company offers a range of products and services to individuals and businesses.

    Agusto & Co is a leading independent rating agency in Nigeria, providing credit ratings and credit risk management and research to a wide range of organisations.

  • Heirs Insurance Group launches Unwrapping Smiles for yuletide

    Heirs Insurance Group launches Unwrapping Smiles for yuletide

    Heirs Insurance Group has launched its “Unwrapping Smiles” campaign, a festive initiative designed to bring hope to individuals, families, and communities this holiday season.

    Running from yesterday to December 31, the campaign will feature community-focused outreaches, including Christmas gifts and  rewards to Nigerians.

    The campaign will see Heirs Insurance Group reward individuals and organisations in the communities they operate in, and launch a holiday-watch web film, “The Underwriters”, for all Nigerians to enjoy.

    Read Also: Nigeria must sustain investments, break barriers to meet global TB targets — First Lady

    During the festive season, the Group will also introduce a low-cost motor insurance, Flexi Comprehensive Motor Insurance Plan, an affordable motor insurance, which provides the benefit of a comprehensive motor insurance plan for a fraction of the cost, addressing the financial realities many Nigerians face today.

    Chief Marketing Officer of Heirs Insurance Group, Ifesinachi Okpagu, said: “At Heirs Insurance Group, we are committed to providing much more than insurance. In a season when many Nigerians seek hope and reasons to smile, we are proud to offer initiatives that inspire and uplift.”

    Details of each initiative under the “Unwrapping Smiles” campaign will be unveiled weekly on the Heirs Insurance Group website and social media platforms.

  • Assetium Capital’s Kiddies’ Commodity Portfolio for young investors

    Assetium Capital’s Kiddies’ Commodity Portfolio for young investors

    Assetium Capital Management Limited (ACML) has introduced the Assetium Kiddies’ Commodity Portfolio, an investment product to empower and educate young investors.

    Managing Director Mr. Kunle Awoluyi highlighted the portfolio’s emphasis on fostering financial literacy from an early age. He described it as a long-term, low-risk investment solution enabling parents and guardians to build wealth for their children while teaching foundational financial skills.

    He said: “This product aligns with diverse financial goals and ethical standards, making it perfect for parents who want to instill saving and investing habits in their children. The Kiddies Portfolio offers manageable contributions over time, helping secure a solid financial future for education, a home, or other long-term aspirations.

    “The Assetium Kiddies’ Commodity Portfolio stands out by combining simplicity, accessibility, and sustainability. Parents can start investing with minimal contributions, making it easier for families from diverse financial backgrounds to participate”.

    Mr. Awoluyi stressed that by emphasizing growth-oriented and low-risk investments; the portfolio provides young investors with a solid foundation to build future financial independence,”

    The Chief Operating Officer Mr. Ayoola Gbadegesin emphasized Assetium’s commitment to redefining investments through tailored solutions and innovative strategies.

    Read Also: Japa syndrome: Fleeing Nigeria is not the solution – Ajaero

    He stressed the importance of alternative investments in creating diversified portfolios that protects against inflation and maximize returns.

    “At Assetium, we simplify financial complexities, enabling individuals and businesses to seize opportunities for meaningful, lasting growth. With expertise in asset management, and commodities trading, we deliver balanced portfolios that meet unique financial goals. The features of the portfolio include a diversified portfolio in Commodity Backed Assets, Capital Preservation, among others.

    “The benefits as well include Access to ACML Kids membership Club which consists of training, arcades, fun times, coaching and so much more. Other benefits, Competitive Returns on investment, Inflation Protection, among others.

    “Assetium’s approach to investment is enhanced by its use of advanced technologies, ensuring seamless transactions, real-time portfolio management, and unparalleled customer support. This technology-driven edge enables the firm to cater for the unique needs of every client, from individuals to large-scale enterprises.

    ”Parents and guardians who choose the Kiddies Commodity Portfolio are not just investing money; they are investing in their children’s financial literacy and future security. With this product, Assetium reinforces its mission to empower clients with innovative solutions that lead to wealth creation and financial independence,” Mr. Gbadegesin added.

  • CIIN praises Continental Re for N62m donation to facility

    CIIN praises Continental Re for N62m donation to facility

    Continental Reinsurance Plc has donated N62 million towards the establishment of an Information Communication Technology (ICT) facility at the College of Insurance & Financial Management (CIFM), the Chairman, and Governing Council of the Chartered Insurance Institute of Nigeria (CIIN), Mr. Jide Orimolade has said.

    Orimolade, who also serves as the institute’s Deputy President, expressed appreciation commending the Continental Reinsurance during a cheque presentation at its office.

    Describing the initiative as transformative, Orimolade praised Continental Re’s commitment to capacity development.

    He said: “The value we see in Continental Re is something very close to our hearts. Strengthening the skill set within the industry is crucial, and this support represents a significant step toward achieving that goal.

    Read Also: Nigeria must sustain investments, break barriers to meet global TB targets — First Lady

    “When the industry recognises the College of Insurance as a hub for producing skilled professionals, it will enhance its reputation as a source of qualified talent to fill critical roles. This initiative is indeed commendable. We appreciate the reinsurer for its outstanding contributions to capacity development in the sector.”

    Group Managing Director, Continental Re, Mr. Lawrence Nazare, reiterated the company’s commitment to fostering growth among its partners.

    He explained that the initiative aligns with Continental Re’s strategy to promote excellence and sustainability in Africa.

    President of CIIN, Mrs. Yetunde Ilori assured stakeholders of effective management of the donated resources. “With a capable Rector in place, you can be confident that the resources will be properly utilised,’’ she added.

  • PTAD to  clear pension increment

    PTAD to  clear pension increment

    • Payroll to hit N5.3b monthly, N63.6b yearly’

    Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya has announced plans topay the N32,000 pension increment approved  by the Federal Government to each pensioner. The increment was backdated to July 29.

    However, Odunaiya said this would raise PTAD’s payroll for pensioner’s under the Defined Benefit Scheme (DBS) to N5.3billon monthly and N63.6billion yearly.

     She spoke at the National Executive Meeting of the Nigeria Union of Pensioners (NUP) in Abuja.

    She assured that the accrued arrears would be paid in the new year

    She said the Directorate had a week ago received two  circulars from the National Salaries, Income & Wages Commission (NSIWC), which approved appropriate percentages of pension increments to pensioners of the defunct agencies that were excluded from the Consequential Pension Adjustment of 2019 and the pension increment.

    The increments, which were for Peoples Bank, Assurance Bank, Nicon Insurance, Nigeria Re-Insurance, NITEL/MTEL and PHCN pensioners, represent their alternate increments for 2019 and others that were excluded.

    Read Also: Japa syndrome: Fleeing Nigeria is not the solution – Ajaero

    She added that the Directorate is reviewing the circulars and would be liaising with the NSIWC for further clarification, to ensure a quick  implementation.

    She stated that eight months’ arrears arising from the 20 per cent and 28 per cent pension increment to pensioners under the Police Pension Department and Customs, Immigrations and Prisons Pension Departments would be cleared.

    She also said the outstanding due to pensioners in the Parastatals Pension Department was being processed for payment before this month’s end.

    She said the five months’ balance due to  universities’ pensioners under the Parastatals Pension Department was being processed too, and that the files for the Civil Service Pension Department workers who are yet to be paid their arrears were being checked for approvals.

    The PTAD boss said the agency has finalised plans to pay the accrued arrears related to the increments that was announced by the Federal Government.

    She reiterated their commitment to the welfare of its pensioners in line with its mandate and that of the Renewed Hope Agenda of President Bola Tinubu.

    She pledged to do her best during her tenure. However, she sought the pensioner’s partnership.

    The pensioners thanked and wished her a successful tenure.

  • Pension Week: Lagos celebrates pensioners in style

    Pension Week: Lagos celebrates pensioners in style

    The Pension Week kicked off on Monday in Lagos State amid pomp and pageantry.

    The pensioners showed up for the celebration at a well-lit decorated and air conditioned hall at Agidingbi, Ikeja. They were gorgeously dressed in various native attires full of life. They hung out, played games, danced and enjoyed some drama scenes.

    The Week was organised by the Lagos State Pension Commission (LASPEC). Pensioners who retired as far back as 2001 were given special invitation cards to attend the event.

    The pensioners have cause to celebrate because apart from prompt lump sum and monthly pension, they enjoy free health service, among other social benefits.

    Also, after clearing its pension backlog of N70 billion owed 21,500 pensioners in July, this year, the Lagos State government can boast that it is the best pension-compliant and friendly state in Nigeria.

    LASPEC said the week marked a significant occasion for them, as it afforded them the chance to reflect on the contributions of their pensioners to the growth and development of the state.

    Apart from social benefits like free healthcare, they were informed that they would soon have access to free transport.

    The state Head of Service, Mr. Bode Agoro said he finds the Week very important, as it provides the state the opportunity to acknowledge and reflect on the dedication, hard work, selfless service and sacrifices of senior citizens while in active service and after their glorious exit from the public service.

    He said while it also gives them an avenue to express their gratitude, it is fitting to set aside a week to appreciate and celebrate the invaluable contributions of the senior citizens to  the state.

    He noted that the government is committed to ensuring that their pensioners receive support, because their welfare is important to Governor Babajide Olusola Sanwo-Olu.

    He pointed out that the governor recognised the contributions of pensioners.

    He said: “It is in line with our commitment to improving the lives of our pensioners, Governor Babajide Olusola Sanwo-Olu’s administration, through the Office of the Head of Service has put in place various initiatives that will ensure continuous physical and psychological engagement of our retirees, to keep them active at all times, as well as improve their quality of life.

    “These initiatives being implemented through the Post-Service Directorate of the Office of the Head of Service include consistent felicitation with retirees on their birthdays through phone calls, text messages and delivery of gifts at their door steps; organising of quarterly training, sensitisation and skill acquisition programmes to impact retirees with requisite knowledge of starting and successfully running profitable ventures in retirement; and organising of health screening to monitor the wellness of our retirees.

    “Also, this Administration has strengthened its partnership with healthcare providers, particularly the Lagos State Health Management Agency (LASHMA), to ensure that our pensioners have access to quality medical care.

    “Other initiatives are holding of interactive session of the Head of Service with retirees to offer avenue to them to express their opinions regarding retirement matters; collaborating with relevant MDAs to facilitate mentorship and empowerment that will aid smooth take off of businesses for retirees who have undergone skill acquisition programmes; paying periodic visits and presenting essential health items to retirees at the recreation and wellness centres within the five Administrative Divisions of the state; and, hosting of bi-monthly webinars where retirees are enlightened about management of their health, finance, business ideas and issues relating to life after retirement.”

    He assured that the government is dedicated to providing support for the pensioners and they would continue to ensure that they have access to resources and services that will guarantee them comfortable life.

    Agoro expressed gratitude to the Director-General, LASPEC, Mr. Babalola Obilana; the Executive Director, Finance and Investment, Mr. Olumuyiwa Oshin and staff members of the commission in ensuring better service to retirees.

    Obilana said the celebration served as a reminder that retirement is not an end, but rather a new chapter that deserves to be filled with peace, comfort, and joy.

    Extending appreciation to Sanwo-Olu for providing funds for them to settle pensioners, he said his leadership and vision have been instrumental in ensuring that the state remains a leading light in governance.

    He said:  “This week is a time for us to pause and appreciate the monumental contributions made by those who have spent decades of their lives in service to this great state. Our pensioners have played an irreplaceable role in building the foundation upon which Lagos stands. From its humble beginnings, to its current position as the economic capital of Nigeria and West Africa, pensioners have been instrumental in shaping its progress and success.

    “Lagos State owes much of its success to the dedication of our pensioners. Whether they served in the public sector, the educational system, healthcare, transportation, or other critical sectors of the economy, the work of these individuals has laid the foundation for our progress. Our pensioners have contributed to the design of policies, the execution of development projects, the administration of government functions, and the nurturing of the Public Service Institutions that continue to serve our citizens today.

    “Throughout your careers, you have given your time, energy and expertise to building the vibrant Lagos we see. As teachers, doctors, engineers, administrators, and public servants, you have worked tirelessly to ensure that the wheels of governance turned efficiently. As you enjoy the fruits of your hard work in retirement, we owe you a debt of gratitude, and this celebration is one way of recognising that debt.”

    He continued: “Pensioners are not just retirees; they are a living repository of knowledge, wisdom, and experience. The Public Service was built on the principles of hard work, discipline, and dedication, values that have been passed down from one generation of public servants to the next. The history of Lagos State is, in many ways, your history. Today, as we mark Pensioners’ Week, we honour your legacy and reaffirm our commitment to ensuring that your contributions are never forgotten.

    “One of the key priorities of LASPEC is to guarantee that pensioners are treated with the dignity and respect they deserve. We understand that the journey does not end once a public servant retires. In fact, it is at this point that their need for continued care, attention, and support becomes even more pronounced. Therefore, our mandate at LASPEC goes beyond mere administration of pension benefits, it is about ensuring that every pensioner receives the financial security, healthcare and other forms of support that will enable them to enjoy a peaceful and dignified retirement.’’

    “I am pleased to inform you that under the leadership of Governor Sanwo-Olu, we have made significant strides in improving the welfare of pensioners. Over the years, we have continued to meet our obligations with regards to pension payment, and we have introduced numerous reforms to ensure a seamless and transparent process for the payment of pensions. This administration has prioritized the payment of pension arrears and in July of this year, Mr. Governor cleared the backlog of outstanding accrued rights. This has gone a long way in easing the burden for many pensioners.”

    The DG further stated that at LASPEC, they are also committed to ensuring that the pension management process remains transparent and efficient.

    “We recognise that many pensioners still face challenges in accessing their entitlements, and we are working to streamline processes, increase awareness, and provide assistance to ensure that all pensioners receive their due benefits promptly and without difficulty. We have also strengthened our communication channels, ensuring that pensioners can easily contact us for inquiries, complaints, or suggestions,” he stressed.

    The pensioners lauded Sanwo-Olu and LASPEC chief for showing that they cared for them.

    Chairman, All Lagos State Retired Head of Service and Permanent Secretaries,  Otunba Nurudeen Ojora  said the week reinforces what pensioners stand for and has done in the past for the state.

    Ojora said it is a good thing to know that the government is remembering pensioners.

    He however noted that the Week also reinforces the need for them and the government to do more.

    “We have asked ourselves what more we can be in terms of pensioners’ welfare. We talk of health issues and the challenges we face in our hospitals when we seek the free healthcare the government has provided for us.

    “A situation where a pensioner has to visit the hospital for three days in a week before he or she can be treated is not too good. This can defeat the government’s effort. So, we are going to suggest to the government that these are the areas they need to address.

    “We believe that the government can establish a desk in each of the hospitals so that when pensioners go there, they know who to meet and can immediately attend to them,”, he submitted.

    He advised pensioners of other states who are being owed years of unpaid pension to pray for their government to do better for them.

    He also said while governors are politicians who may not really understand why they should spend billions on pensions, the civil servants, the Accountant-General and Commissioner for Budget should advise them better on what pension is.

    Read Also: Nigeria must sustain investments, break barriers to meet global TB targets — First Lady

    Expressing what it feels like to retire in Lagos State, Olushina, who retired as Permanent Secretary, Ministry of Information in 2022, said he was happy to have retired in the state.

    He said: “We see what is happening to our fellow pensioners from other states and I thank God every day for what Lagos is doing.

    “We hear stories of other states where pensioners are owed over five years. How do they want people to survive? We have to give kudos to the government of Lagos State.”

    Another pensioner, Mrs. Adebukola Oluwaseyi, said when she got the special invitation to attend the event, she felt elated because it was an indication that the government remembered her.

    Mrs. Oluwaseyi, who retired in 2019 as a teacher, said inflation has reduced the value of their monthly pension and called on the government to increase their pension.

    “My impression about the programme is that it is a good one. The payment of pension today is different from that of those days when we had to stand in the sun. Here we are seated enjoying food and drinks. This is very good but we’ll ask for more rights by increasing our monthly pension. I retired in 2010. Prices are on the increase.

    Another pensioner, Mrs. Eunice Adetunji, retired in 2003, added: “I feel great today. After retiring in 2003, I never knew the state still remembers me. We thank the government for remembering us. We look forward to a better pension.’’

  • LASPEC: why public servants should embark on data recapture

    LASPEC: why public servants should embark on data recapture

    • Sensitises 7,457 council workers

    A civil servant filled the name of his girlfriend as his next of kin (NoK) out of love. He was a Retirement Savings Account (RSA) holder under the Contributory Pension Scheme (CPS).

    When he married, he forgot to change it to his wife’s name. The man continued his affair with the girlfriend before he suddenly died. 

    The wife later approached his Pension Fund Administrators (PFAs) to collect his pension fund benefits only to find that there was a different name on his documents as his NoK.

    The PFA had to reach out to the girlfriend who showed up and was informed that she is a NoK to the deceased. The girlfriend turned to the wife, confirmed and apologised to the woman. Fortunately, the girlfriend told the wife that she was not interested in the fund and signed it off to the wife. 

    As recounted by a PFA, this is a rare real life story, which could have led to the wife losing out should the girlfriend refuse to sign off as the NoK.

    This is one of the many ways some workers complicate or lose their retirement benefit.They provide wrong information and misspell their names.

    In some cases, some filled in a different age when they were to be employed and later filled in their real age when they opened a pension account while some filled in with their mother or father who passed away along the line. There were many other mistakes.

    Against this background, there is the need for workers to embark on data recapturing with their PFA has become crucial.

    It is also for these reasons that the Lagos State Pension Commission (LASPEC) embarked on a three-day Sensitisation on Contributory Pension Schemes for 7,457 civil servants in 20 local government areas in the five divisions in the state.

    The objective of the program is to update documents of every public servant in the state. This is to ensure all documents required are valid through their various PFAs by the means of data recapturing process.

    The event was held with a kick off yesterday with the Ikeja Division at NECA House Auditorium and subsequently today, and tomorrow, at other divisions that include Lagos Island, Ikorodu, Epe and Badagry Divisions.

    LASPEC Director-General, Mr. Babalola Obilana, at the programme said the event provides an opportunity for the public servants to update their records and participate in a Data Recapture Initiative with their PFAs, ensuring that they have accurate and up-to-date information.

    He stated that accurate data is critical for tracking contributions and ensuring that benefits are calculated and disbursed correctly.

    He said: “We understand that navigating pension procedures can be complex and sometimes overwhelming. That is why we are committed to hosting a series of workshops and information sessions in the coming year. These sessions will be designed to simplify the pension process, address any concerns you may have, and equip you with the knowledge to make informed decisions about your retirement.\

    Read Also: LASPEC prepares 1,400 workers for retirement

    “The role of the Local Government Areas in this process cannot be overstated. As the key employers of the state’s grassroots workforce, LGAs play a vital role in ensuring the smooth operation of the CPS at the local level. As you leave today’s programme, I encourage you to share this knowledge with your colleagues and staff, so that everyone understands the importance of engaging with the CPS.

    “Effective communication, proper documentation, and timely submission of contributions are all essential elements in ensuring that employees experience a seamless pension process. I urge all stakeholders, including local government administrators, pension desk officers, and employees, to take full advantage of the resources available and follow best practices in pension administration.”

    He maintained that the CPS was established with the primary goal of guaranteeing that every employee has 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. These changes reflect our ongoing commitment to safeguarding pension funds and ensuring that your benefits are both protected and accessible when you need them most.

    “A significant recent development has been the strengthened collaboration between LASPEC, the PFAs, and the Annuity Service Providers (ASPs). LASPEC is working tirelessly to streamline processes, ensuring that your pension benefits are easily accessible upon retirement. This collaboration is essential to ensuring that your retirement savings are properly managed and continue to grow over time.”

    The DG, however, noted that it had come to their attention that many public servants had yet to open their 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 already, I strongly urge you to take action. The team at LASPEC is available to guide you through the registration process, assist with the required documentation, and provide information about the various PFAs available to you.”

    Specifically, he called on Pension Desk Officers and Directors of Administration and Human Resources to ensure that employees were well-informed about the pension process and are encouraged to open their RSAs, noting that accurate and timely communication is key to ensuring that everyone is registered and actively participating in the scheme.

    “Furthermore, it is crucial for public servants to regularly review their RSA statements to ensure that contributions are being debited and remitted correctly. While this may seem like a small task, it plays a vital role in safeguarding your long-term financial security. By checking these statements regularly, we can confirm that contributions are being accurately reflected and deposited on time. This proactive approach helps prevent errors, delays, or potential discrepancies that could impact your retirement plans, and fosters a culture of transparency and accountability.

    “I want to reiterate that your financial well-being in retirement is our top priority at LASPEC. The steps you take today will have a lasting impact on your future. By opening your RSAs and actively participating in the CPS, you are securing not only your own financial future but also the future of your loved ones,” he added.The Lagos State Head of Service, Mr. Bode Agoro in a keynote address applauded the initiative and commitment of LASPEC for its deliberate effort geared towards continuous sensitization and guidance of public servants in navigating the phase of retirement from the state public service smoothly.

    Agoro who was representated by Permanent Secretary, Public Service Office,  Mrs Olasunkanmi Oyegbola, said considering the different development that public servants might have experienced over the years which might have resulted to changes in their current information, this exercise will provide the opportunity for such changes to be documented with LASPEC as well as, PFAs, in order to have an updated information that will ease processing of retirement benefits, accordingly.

    “Let me inform you that this sensitization programme by LASPEC is organized for 7,457 Officers across the 20 Local Government Areas of the State and is expected to run for the next three days. In order to save time and ensure wider coverage, the sensitization and documentation will be done at designated centres in the five divisions of the State, therefore, I urge you all to pay attentive to the vital information that will be disseminated as it concerns your CPS.

    “At the same time, let me also urge you take full advantage of having the PFAS bringing their services to your doorstep, come out en-masse and update your data, accordingly. On this note, let me express my profound gratitude to Mr. Governor, Mr. Babajide Olusola Sanwo-Olu, for placing premium on the well-being of the state’s public servants as well as the retirees and for his continuous efforts in ensuring that our senior citizens receive their retirement benefits immediately they exit the service.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    OMOWA: Hello, my name is Omowa from Igarra, Akoko, Edo Local Government Area, Edo State. I have been receiving my monthly pension after my verification in 2019, in Benin City by PTAD. But, suddenly, they started underpaying me from October by N27, 262.91. Please help resolve the issue. Thanks.

    OYELAKIN: My name is Oyelakin. I retired on July 31, 2002. My date of first appointment was December 1970. My federal share of pension started from December 2, 1970 to March 31, 1976, spanning five years and five months. I was placed on payroll in September 2010, leaving my pension arrears of August 2002 to August 2010 unpaid. I made several attempts to get the arrears paid but all to no avail; I sent my bank statements to authenticate my claim. Kindly help me. Thanks for your concern..

    ADUEMA: Good day, I am Aduema. My mum has a complaint. Since she retired, she has not been paid her gratuity but she has been receiving her pension. Her set of retirees have been paid. She has health issues and cannot move around.

    MRS ADEBOWALE: Good day. Kindly let me know when the verification of the retired primary school teacher will start.

    AYODELE: Hello, my complaint is about underpayment of monthly pensions. I wish to put up a reminder that I am yet to get any acknowledgement or response on my complaints to your organisation about three weeks ago on the above subject. This is after promises by your receptionists to deliver my complaints to the appropriate authority for further actions. In October, last year, I was surprised to notice a huge deduction of N48,861.19 from my monthly pension of N154,015.36, for an excuse tagged overpayment of pension and which was not earlier communicated to me.

    From my computations of the deductions yanked off, I believe that it was wrong to have carried out such deductions. By the way, I started working in 1970 and retired from service on August 1, 2005 from Nigerian Institute for Trypanosomiasis Research, Kaduna (NITR), a parastatal under the Federal Ministry of Science and Technology, as a Chief Technical Officer Laboratory Instruments, on HATISS 13, Step 9. As at the time of retirement, my pension was N92,170.75.

    However, two years later, August 2007, there was a 15 per cent pension increment that jerked my pension up to N105,996.36. Three years later, which was August 2010, there was another 33 per cent increment of N34,978.80 that leveraged my pension to N140,975.16. And in April, 2019, there was a consequential pension adjustment of 0.0925 per cent or N13,040.20, which finally brought my pension to N154,015.36.

    Read Also: PTAD gets executive secretary

    But surprisingly, from October, 2023, I observed that, a huge chunk of N48,861.19 monthly deductions were made till date from my pensions, with the excuse that there were some overpayments, which in actual fact is not true from the in depth analysis I have proffered.

    The pension refund I expect from you as of April, 2024 is N342,028.33 which I am believing would be paid this month. These shortfalls have been causing me a lot of financial setbacks. I am  aware that a review committee was set up towards the end of last year by the Executive Secretary, PTAD to tidy these grievances which are not limited to me or my parastatal alone but to several others. Times are pretty hard for even workers not to talk of vulnerable pensioners whose pays are nothing to write home about. At this juncture, I am imploring you to use your good offices to write this wrong, by reversing the status quo and refunds made back as quickly as possible. Thanks and God bless.

    THE NATION: The newspaper will intervene by sending your complaint to PTAD. Therefore, OMOWA,  OYELAKIN, ADUEMA, MRS ADEBOWALE, and AYODELE should watch out for the pension page on Wednesdays for response from PTAD and subsequently every Wednesday for pension news.