Tag: LASPEC

The Lagos State Pension Commission (LASPEC) on Friday held a day-long pension awareness programme to educate Lagos State public servants on terminal benefits options under the Contributory Pension Scheme (CPS).

In a move that underscored its commitment to proactive engagement, LASPEC staff, alongside Pension Fund Administrators (PFAs) and annuity providers, took the awareness campaign beyond office walls, embarking on a walk from the Office of the Head of Service to the Budget Office at the Alausa Secretariat, Ikeja.

As part of the exercise, LASPEC officials were deployed in groups to various ministries, departments and agencies within the Secretariat to engage workers directly, answer questions and clarify misconceptions surrounding pension administration.

The awareness campaign extended beyond the secretariat as sound vehicles moved through the Ikeja environs, drawing public attention to pension matters and reinforcing Lagos State’s leadership role in pension administration across the country.

The exercise, described by participants as both enlightening and innovative, attracted widespread attention and reaffirmed Lagos State’s reputation as a model for effective pension administration, which experts say should be understudied by other public and private institutions nationwide.

Delivering a goodwill message at the programme, the Head of Service, Mr. Bode Agoro, described the awareness programme as a deliberate effort by the Lagos State Government to deepen understanding, transparency and trust in pension administration, noting that pension education should not be limited to officers nearing retirement but should begin early in service.

Read Also: LASPEC: why public servants should embark on data recapture

Agoro emphasised pensions represent security, dignity and continuity of care after years of dedicated service.

Unfortunately, he said misconceptions and lack of awareness have sometimes undermined confidence in the system.

This programme seeks to bridge those gaps through direct engagement and accurate information, he said.

He encouraged LASPEC staff to see the assignment as an opportunity to serve as ambassadors of trust and accountability, adding that empathy, clarity and professionalism in their interactions would shape public perception of the pension system.

The Head of Service reaffirmed the commitment of the Lagos State Government, under Governor Babajide Olusola Sanwo-Olu, to protecting the welfare of serving and retired public servants through continuous reforms and stakeholder engagement in line with global best practices and the THEMES+ Agenda.

He further commended the Director-General of LASPEC, Mr. Babalola Obilana, and the Commission’s management and staff for their consistent and laudable initiatives.

Speaking during the exercise, the Executive Director of LASPEC, who led the walk, said the pension awareness programme was the first of its kind in Lagos State and would be sustained.

He explained that the programme was designed to sensitise public servants on their rights, responsibilities and available terminal benefits options under the CPS.

He said: “The initiative was borne out of the need to address widespread gaps in pension knowledge among public servants. What we have discovered over time is that many officers are not fully informed about their pension rights and responsibilities under the Contributory Pension Scheme. Some do not even verify whether their monthly deductions are correctly remitted to their Retirement Savings Accounts,” Oshin said.

He explained that the Commission decided to take pension education directly to workers in their offices to ensure early understanding and prevent challenges at retirement.

“We want officers, even those who just resumed service one or two years ago, to understand that pension deductions are investments. They must regularly check that deductions are accurate and remitted promptly, because failure to do so could lead to loss of investment income over time,” he added.

Oshin noted that LASPEC had previously focused on bi-annual pre-retirement workshops for officers within six months of retirement, but the Commission was now expanding its scope to reach officers at all stages of their careers.

This awareness campaign complements our pre-retirement programmes. By starting early, we reduce anxiety, prevent delays at retirement and ensure a smoother pension process for our officers, he said.

On the response from workers, Oshin said the turnout and engagement were encouraging.

“The enthusiasm we saw today was remarkable. Officers were happy that LASPEC came to them. They asked questions that had bothered them for years, and with PFAs and annuity providers present, we were able to give immediate clarification,” he said.

He assured that the awareness campaign would be sustained as part of LASPEC’s broader strategy to strengthen pension administration and safeguard the welfare of Lagos State public servants.

Many Public Servants are unaware that outdated or incorrect data can cause avoidable delays or challenges in accessing their pension entitlements at retirement.

The Director- General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, spoke at the Sensitisation Programme on the Contributory Pension Scheme (CPS) for public servants in the Local Council Development Areas (LCDAS) on Monday.

He said the programme brings together public servants from the 37 local council development areas (LCDAs) across the state.

In his welcome address, the DG said, LASPEC is working closely with Pension Fund Administrators (PFAs) to ensure that every contributor’s record is accurate, up-to-date and reflective of their service history.

He stated that this is a proactive step toward preventing future difficulties and a reflection of Governor Babajide Sanwo-Olu’s continued commitment to safeguarding the welfare of its public servants both during their service years and in retirement.

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He pointed out that the state has been recognised as a trailblazer in pension administration in Nigeria over the years.

He noted that their adoption and implementation of the Contributory Pension Scheme in line with the Pension Reform Act have not only enhanced the financial security of our retirees but also significantly reduced the anxieties associated with post-retirement life.

He said: “However, we understand that policies are only as effective as the level of awareness and compliance they command. This is why we are here, to bridge the knowledge gap, address concerns and bring everyone up to speed on the latest developments in the pension space.

“One of the key highlights of this programme is the data recapture exercise, an initiative that cannot be overemphasized. The CPS is one of the most significant reforms in Nigeria’s public service history. By its very design, the CPS shifts the pension burden from the employer alone to a shared responsibility between employee and employer, creating a sustainable model that is both efficient and equitable. For us in Lagos State, this system is not just about monthly deductions and remittances; it is about securing the future of every dedicated Public Servant.

“It is about ensuring that after years of loyal service, you can retire with dignity, financial stability and peace of mind. Through the CPS, every contribution you make is invested and managed to provide you with a reliable stream of income upon retirement. This is why understanding how your contributions are managed, knowing your PFA and actively engaging in your retirement planning process is absolutely essential”.

Obilana said it is also important to highlight that the pension landscape is not static.

“Regulations evolve, policies are fine-tuned and technological innovations are constantly introduced to improve transparency, security and service delivery. As a Commission, we have adopted a proactive approach to ensure that all Public Servants are kept informed and carried along.

“Some of the recent updates include enhanced processes for the verification and payment of accrued rights, stricter monitoring of PFAs to ensure prompt remittances, improved collaboration with Ministries, Departments and Agencies (MDAs) and the use of digital platforms to simplify pension access.

“We will not relent in our efforts to strengthen the CPS, improve service delivery and expand our outreach to ensure that no Public Servant is left behind. I must commend my team for organizing this impactful programme”, he added.

• 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.

• Calls for immediate action

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The Lagos State Pension Commission (LASPEC) yesterday called on public servants in Ministries, Departments and Agencies (MDAs) and parastatals who are yet to open a Retirement Savings Account (RSA) with Pension Fund Administrators (PFAs) to do so immediately.

LASPEC Director-General, Mr. Babalola Obilana, gave the advice during a four-day sensitisation programme on the Contributory Pension Scheme (CPS).

Emphasising the importance of taking action immediately, Obilana said as a result of not having RSAs, many of these individuals find their pension benefits idly away in escrow accounts.

He said: “Despite these advancements of the Contributory Pension Scheme (CPS) in Lagos State pension administration, it has come to our notice that a number of public servants in MDAs and parastatals, are yet to open their Retirement Savings Accounts (RSAs). This oversight has serious implications for their future financial security.

“As a result of not having RSAs, many of these individuals find their pension benefits sitting in an escrow account. This situation is not only detrimental to their financial future but also complicates the pension payment process upon retirement.

“The funds that should be earmarked for your retirement should not be stagnating in an account but rather working for you, growing and accumulating over time. I cannot emphasise enough the importance of taking action. If you have not yet opened an RSA, I urge you to do so as soon as possible.”

He said his team is ready to assist them during the programme, noting that they would get guidance on the registration, documentation, and the various PFAs available to them.

He further urged LASPEC Pension Desk Officers and Directors of Administration and HR to ensure that employees in their MDAs have accurate information about the process and are encouraged to open RSAs.

Read Also: LASPEC urges prospective retirees on early documentation

“Today, there will be an avenue to update your records, as well as a Data Recapture Initiative with our PFAs to ensure that we have accurate and up-to-date information for every Public Servant. Accurate data is essential for tracking contributions and ensuring that your benefits are correctly calculated and disbursed.

“We understand that the thought of navigating pension procedures can be 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 demystify the pension process, address your concerns, and provide you with the knowledge you need to make informed decisions about your retirement”.

He reiterated that employees’ financial well-being in retirement is their top priority at LASPEC, stressing that the steps they take will significantly impact their future.

“By opening your Retirement Savings Accounts and participating actively in the CPS, you are securing your financial future and that of your loved ones.Together, let us work towards strengthening our pension scheme for the benefit of all public servants in Lagos State. Your dedication to this process will ensure a brighter, more secure future for every member of our public service community.

“We gather not only to share vital updates and changes to the CPS but to highlight the importance of the scheme for public servants.

The CPS was designed to ensure that employees have a secure and sustainable source of income upon retirement. It operates on a simple 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.

“This collective effort provides financial security for our future and fosters a culture of savings and responsibility among public servants. It is a mutual commitment to one another that we all need to embrace. Over the years, the administration of the CPS in Lagos State has undergone important updates aimed at enhancing its efficiency and transparency. These changes reflect our commitment to improving the management of pension funds and ensuring that your benefits are protected and accessible.

“One of the most significant changes is the enhanced collaboration between the Lagos State Pension Commission (LASPEC), the Pension Fund Administrators (PFAs) and Annuity Service Providers (ASPs). LASPEC is working diligently to streamline processes to ensure easy access to your pension benefits at retirement. This collaboration is crucial in ensuring that your retirement savings grow and are managed responsibly,” he added.

Head of Service, Mr. Bode Agoro said the CPS, which was passed into law in 2007, was to provide a sustainable retirement plan that ensures financial security on retirement from active service. Since its introduction, a lot of government policies have been made to strengthen the pension industry, provide security for citizens’ savings as well as protect workers’ retirement benefits.

However, he said, the policies have come with the need to align themselves, as workers, with the evolution of the scheme.

He added: “It is imperative for Lagos State retirees to have their data recaptured with their Pension Fund Administrators (PFAs) to ease documentation, facilitate processing and smooth pension payments upon retirement. This is why LASPEC organised the sensitisation programme to ensure that pensioners in the state have the right information about important updates and changes to the Contributory Pension Scheme as it affects stakeholders.

“This is necessary in the wake of data updating exercise occasioned by linking of National Identification Number (NIN) to all of our  accounts, be it in the banks, telecommunication service providers, among others.”

He pointed out that for those who have just  had their service documents regularised, changed locations or names, the exercise is poised to provide them with fresh opportunities to register such changes with their PFAs, accordingly.

“Considering the different development that public servants might have experienced over the years, this exercise will be made periodic to allow you to register such development with your Pension Fund Administrators to be guaranteed updated information that will ease processing of your retirement benefits by LASPEC as well as the PFAs,” he noted.

He commended the Commission for the laudable initiatives geared towards carrying the public servants along as the biggest stakeholders in the industry.

He further urged the would-be retirees to pay attention to the vital information that would be disseminated at the event.

No fewer than 1,400 retiring workers in Lagos State Civil Service  have trained to enable them avoid documentation hiccups.

Speaking at the 25th Pre-Retirement Documentation Seminar for the retiring workers in Ikeja, the Commissioner for Establishments and Training, Mr. Afolabi Ayantayo, urged them to ensure that their documents had been submitted by their Ministries, Departments and Agencies (MDAs), and their personnel files accurate to avoid issues in future.

He noted that the state government has prioritised the welfare of pensioners by ensuring the prompt payment of government’s pension obligations within the limited resources and that Governor Babajide Sanwo-Olu has shown his commitment to the financial freedom of retirees by ensuring that the monthly payment of their retirement.

He further said the state is dedicated to maintaining its leading role in the industry by promptly paying retirees upon their disengagement from the public service.

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Director-General of Lagos State Pension Commission (LASPEC), organisers of the event, Mr. Babalola Obilana said retirement is a significant milestone in every worker’s life.

Obilana stated that their objective was to provide the would-be retirees with valuable information and resources to help make their retirement planning as smooth and fulfilling as possible.

He said: “Today, we gather here to discuss a topic of utmost significance to each one of us personally: the transition into retirement. It marks the end of one chapter and the beginning of another. It’s a time when we get to reap the rewards of our hard work and dedication, and embark on a new journey of leisure, exploration, and self-discovery.

“We will cover a range of topics related to pre-retirement documentation, including financial planning, legal considerations, and healthcare, among others. We have brought in experts and professionals to guide you through these important aspects and help you make well-informed decisions. I encourage you to actively participate, ask questions, and take full advantage of the resources and knowledge that will be shared. The more you engage in this process, the better prepared you will be for the transition.

“Retirement can be a time of immense joy and fulfillment, and it can also pose challenges.  By planning and documenting your pre-retirement affairs meticulously, you are taking a significant step towards ensuring your retirement years are everything you hope for. Remember, retirement isn’t an end; it’s a new beginning. It’s a time to explore your passions, spend quality time with loved ones, and pursue those dreams you might not have had the time for during your working years.’’