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Tag: LASPEC

  • LASG settles N723m Accrued Pension Rights of 149 retirees

    LASG settles N723m Accrued Pension Rights of 149 retirees

    The Lagos State Government (LASG) has released N723 million to pay its 149 retirees for January.

    The Director-General (DG) of the Lagos Pension Commission (LASPEC), Mrs Folashade Onanuga, said  N723 million was paid into the Retirement Savings Accounts (RSA) of 149 retirees from the State’s  Public Service in a statement on Wednesday.

    She said that this had also been announced at the 47th Retirement Benefit Bond Certificates’ Presentation to the retirees.

    Onanuga in the statement quoted Gov. Akinwumi Ambode of Lagos State to have said that the state government would ensure regular funding of pensioners’ retirement benefits at the event,

    Ambode, represented by the Commissioner for Establishments, Training and Pensions, Dr. Benson Oke, said the state had expended N33, 943 billion to pay accrued pension rights of 8,409 retirees in the last 30 months.

    Read Also: Lagos pays N1b to 301 public service retirees

    “This is aside the regular monthly contributions into the RSA of its active workers.

    “The state has also cleared the backlog of outstanding pension obligations met at the inception of this administration.

    “The state is also determined to settle fresh liabilities from retirement, ’’ Onanuga said.

    She said that the Lagos State Government would ensure that all retirees that had served the state would not go unrewarded or ran into penury.

    Onanuga then appealed to the retirees not to succumb to pressure in terms on annuity or programme withdrawal benefit options for the payment of monthly pensions.

    She said that the state government had started searching for welfare programmes that would give retirees more comfort after retirement.

     

  • Lagos disburses N711m to retirees

    Lagos disburses N711m to retirees

    The Lagos State Government has disbursed the sum of N711 million as pension payments for September.

    The Lagos State Pension Commission (LASPEC) in a statement issued on Monday by its Head of Public Affairs Unit, Mrs. Basirat Lawal, said the N711 million was released to pay 287 retirees for that month.

    The statement said Governor Akinwunmi Ambode was represented by the state Commissioner for Establishments, Training and Pensions, Dr. Akintola Oke, at the Retirement Bond Certificates Presentation on September 29.

    “The Agency in the month of September also released Insured death benefit cheques amounting to about N32 million to nine beneficiaries and next-of-Kin of deceased employees,’’ the statement added.

    The statement quoted Ambode as saying that he has embarked on massive infrastructural development in the state that would, however, give great priority to those who laboured and had now retired.

    “I understand the challenges facing the retirees and that the receipt of their pension dues will enable them face the future, as well as other goodies in the pipeline,’’ Ambode said.

    The Director- General of LASPEC, Mrs. Folashade Onanuga, in the statement also advised the pensioners to spend wisely.

    “If you are in the evening time of your life, make sure you rest well, and do not do anything that will aggravate your health status.

    “Use your pension for your basic needs and make sure you eat well and in moderation.

    “The current economic challenges have affected the ability of youths to gain employment, such that in essence, many youths who should be taking care of themselves and their parents are still depending on them.

    “I also advise the retirees to consider using the lump sum received to empower any resourceful child to start a family business, which could end up creating jobs for others,’’ Onanuga added.

    NAN

  • Lagos disburses N742m pension rights for August

    Lagos disburses N742m pension rights for August

    The Lagos State Government has disbursed N742 million pension payments for August.

    A statement issued by the Head of the Lagos State Pension Commission (LASPEC), Mrs. Basirat Lawal, said on Monday the money was released for the payment of 255 retirees.

    “Lagos cares and that is why it is committed by being up-to-date in pension payments. This administration advised the retirees not to live extravagantly.

    “In two years, from August 2015 to August 2017, the administration of Governor Akinwunmi Ambode through LASPEC has paid over N30 billion to retirees in form of accrued pension rights.

    “The Accrued rights were paid into the Retired Savings Accounts (RSA) of 7,232 retirees.

    “This is an achievement no other state has attained,” she said.

    Lawal said the beneficiaries were also urged to counsel relatives and friends still in service to embrace the Additional Voluntary Contribution (AVC) into their RSA.

    “The deduction field for AVC is now on the State Government’s Oracle HR application.

    “The AVC will guarantee more comfortable life for retirees as the funds are invested and can be accessed immediately by a retiree on retirement.

    “It can also be used to boost pension received in retirement,” she added.

  • Lagos pays N1.8bn as pension in 1 year

    Lagos pays N1.8bn as pension in 1 year

    Lagos State Government on Monday said that it paid a total of N1, 846, 396, 965.80 as pension from May 31, 2016 to April 30, 2017.

    The state Commissioner for Establishment, Training and Pensions, Dr Akintola Benson-Oke, made the disclosure at the 2017 Ministerial Press Briefing to mark Gov. Akinwunmi Ambode’s two years in office.

    The event held at Alausa, Ikeja.

    According to Benson-Oke, the population of pensioners in the state’s main stream public service as at February was 8,512.

    He said that the Mr Akinwunmi Ambode-led administration was determined to ensure that pensioners were paid their entitlements as and when due.

    ”In the last one year, the Lagos State Pension Commission (LASPEC) has been ensuring effective regulation, supervision and administration of pension matters in the state’s public service.

    ”We have recorded continued significant reduction in backlog of entitlements of retired employees.

    ”The Lagos State Government through LASPEC has paid a total sum of N1, 846, 396, 965.80 as pension from May 31, 2016 to April 30, 2017.

    ”This administration has been able to maintain the trend of paying entitlements of retired employees monthly since August 2015, ” he said.

    Benson-Oke said that the state government made provisions in its 2017 Budget for the ministry to carry out 78 training programmes for civil servants before the end of the year.

    According to him, the training will deepen civil servants’ knowledge of public service ethos and values as well as develop their leadership and management skills.

  • LASPEC pays N21.93b accrued pension in 16 months

    The Lagos State Pension Commission (LASPEC) has paid N21.93 billion as pension accrued rights to 5,027 retirees in the last 16 months, its Director-General, Folashade Onanuga, has said.

    She made this known at the 11th Retirement Benefit Documentation Seminar organised by the commission in Lagos.

    She reiterated Governor Akinwunmi Ambode’s administration’s committment to regular funding of employees’ Retirement Savings Accounts (RSAs).

    She said: “Lagos State is up to date in the remittance of contributions into employees’ RSA,  adding that the state has also not reneged in funding of retirement benefit redemption fund and pension sinking fund accounts. Pension bailout funds have also been provided to ensure consistency in payment of terminal dues.

    “We will like workers in the state to know that the commission is committed to their wellbeing and it has the commitment of the Governor, the state executive council, legislators and the Ministry of Establishments, Training and Pensions to the funding of the pension obligations.”

    Commissioner for Establishments, Training and Pensions Lagos State, Dr. Benson Akintola, said the state would sustain the height it has reached as the leading light in pension affairs.

    According to him, the state is looking at how to commence the implementation of the Pension Reform Act 2014, especially in the area of 18 per cent contributions for workers.

    The state Acting Head of Service, Folasade Adesoye, further urged workers to reciprocate government’s gesture  by being committed to their responsibilities.

  • Annuity: LASPEC advises parties to end feud

    A major stakeholder of the Contributory Pension Scheme, the Lagos State Pension Commission (LASPEC) has called on the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) to sheathe their swords.

    The two parties have been at loggerheads over the mandate given to life insurers to transfer life annuity assets in their custody to Pension Fund Custodians (PFCs) by PenCom.

    PenCom, had early this month, mandated life insurers to stop annuity business for three months and within the period transfer their annuity assets of about of 46,198 retirees to PFCs. But NAICOM and insurance operators have kicked against this decision.

    Director-General of LASPEC, Mrs Folashade Onanuga who made this call described development as war.

    She agreed with PenCom that the assets be transferred to PFCs as they are contributions derived from the Contributory Pension Scheme (CPS) under the Pension Reform Act 2014.

  • Lagos pays 2,654 retirees N11.44b accrued rights

    Lagos pays 2,654 retirees N11.44b accrued rights

    The Lagos State government, through the Lagos State Pension Commission (LASPEC) has paid N11.44 billion pension accrued rights to 2,654 in eight months, Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke has said.

    He said out of this, 165 retirees received Retirement Benefit Bond Certificates for accrued pension rights of N912 million over the weekend.

    Oke spoke during the presentation of Retirement Benefit Bond Certificates to the 25th Batch of Retirees of the Lagos State Public Service in April, this year.

    He stated that the payment has been made possible because of the premium Governor Akinwunmi Ambode places on pensioners’ comfort.

    Director-General of LASPEC, Mrs. FolashadeOnanuga, explained that Governor Ambode requested for a briefing on the challenges faced by the commission in ensuring prompt payment of terminal entitlements.

    She stated that government had never reneged in meeting all the statutory pension obligations like monthly contributions into the Retirement Savings Account (RSA) of employees, funding of the Retirement Bond Redemption Fund & Sinking Fund Accounts and maintenance of the group life assurance scheme.

    She said the LASPEC intimated him of the challenges faced as a result of the fact that the accrued pension right liabilities far exceeded the provisions made statutorily.

    She noted that the major challenge was with the Local Government & State Universal Basic Education Board (SUBEB) retirees whose five per cent statutory funding provision was a far cry from the liabilities that had crystallised.

    She said: “This is why as at the beginning of the present administration, we had many retirees in the Local Government and SUBEB whose accrued pension rights were yet to be paid. The governor graciously decided and gave instructions for state government funds to be utilised to pay retirees from the local governments.

    “He also instructed that those who had retired from parastatals of government up to December 31, 2014 should be paid.  This is on the understanding that the parastatals would be going forward to meet up with their obligations.  This is why today, we have some retirees from self-funding parastatals in this auditorium.

    “To ensure that the backlog is cleared, we have since August, 2015, been crediting the RSA of retirees’ with their accrued pension rights on a monthly basis.  From August 2015 to February, 2016, the state government through LASPEC had paid the sum of N11.44 billion into the RSA of 2,654 retirees.  1,108 of the retirees were from the Local Government and SUBEB, 669 from TEPO, 583 from the Mainstream Service and 294 from Parastatals.

    “Today, a total number of 162 retirees also mainly from Local Government and SUBEB where we have the greatest backlog will have the sum of N924 million credited into their Retirement Savings Account.  In essence, in a period of eight months, this administration has been able to put smiles on the faces of a total number of 2,815 retirees and amount expended as accrued pension rights is approximately N12.4billion.”

  • LASPEC pays N31.8b to retirees

    The lagos State Pension Commission (LASPEC) has paid N31.89 billion to its retirees under the Contributory Pension Scheme (CPS), its Director-General, Adekunle Hussain, has said.

    Hussain stated this in Lagos during the 16th retirement bond presentation by the state to retirees. He said with the current presentation, the money paid from inception of their retirement bond certificate presentation in 2010 till date is N31.89 billion for 6,078 retirees, while the monthly deduction of 7.5 per cent from the salary of every employee and the counterpart 7.5 per cent contribution by the state government since inception of the scheme in 2007, has also increased to N56.99 billion.

    He said Lagos has presented N1.4 billion to 305 retirees, which had already been remitted into their respective Retirement Savings Account (RSA) with the Pension Fund Administrators in addition to their monthly contributions.

    He urged the retirees to contact their PFAs for necessary documentations toward accessing and enjoying their benefits.

    Speaking on the progresses made on the CPS in the State, Hussain said “while some states are yet to commence the implementation of the CPS, Lagos had continued to wax stronger with the scheme despite the fact that the government needed to attend to various levels of developmental projects with the limited resources.

    “Since the commencement of the CPS, Lagos had not relented in its resolve at ensuring that the retirement benefits of its retirees were paid as at when due.

    “Presentation of the certificates was part of the commitment and determination of Lagos State to make life worth living for its workers while still in  service and at retirement,” he added.

    Head of Service, Lagos State, Mrs. Folashade Jaji, said the presentation of the bonds confirmed that the state appreciated the efforts of the workers. She asked the retirees not to subject themselves to ventures that could make them lose their savings to trivialities and sharp practices.

  • LASPEC chief urges workers on CPS

    SOME workers are yet to understand the Contributory Pension Scheme (CPS), Director-General, Lagos State Pension Commission, Rotimi Hussain, has said.

    He spoke during the seventh pre-retirement seminar for the civil servants and other employees of the State Universal Basic Education Board (SUBEB), Teacher’s Establishment & Pensions Office (TEPO), Government Parastatals and Local Government staff, who are retiring from the state Public Service between January and June, this year.

    According to him, the seminar is aimed at  preparing the government’s employees on the workability of the CPS.

    He said LASPEC organises the seminar on with the state-approved Pension Fund Administrators (PFAs) and insurance firms.

    He stressed that workers should have the right knowledge to guide them into retirement.

    He said: “The state was mindful of the fact that the rudiments of the scheme had yet to be fully understood by many workers which necessitated the need for understanding in the scheme.

    “The pre-retirement seminar is aimed at assisting prospective retirees to adequately prepare for physical, emotional and financial well-being in retirement as well as afford them the benefit of being in a better position and frame of mind to build a comfortable and rewarding life in retirement.

    “Participants will, among other things, be exposed to the procedures for processing of their end of service benefits; how to monitor and ensure that their Retirement Savings Account is consistent with their 7.5 per cent statutory monthly deductions and the 7.5 per cent counterpart contributions by the employer, and also highlight the two exitoptions of the programmed withdrawal provided by the PFAs and the annuity for life provided by the insurance companies.”

    Executive Director, Technical, Mrs. Folashade Onanuga, explained that the Lagos State Pension Reform Law 2007 allows a retiree to choose from two options for his monthly pension. These are the withdrawal module of the PFAs or Life Annuity from a licensed life insurance firm.

    “Life annuity is a regular income payment (monthly or quarterly) made to a person (retiree) for the rest of his life, in return for payment of the purchase money (lump sum premium). It is provided by the insurance companies and would be paid for life with the pension guaranteed for 10 years.’’

    On the programmed withdrawal, she said it is a product of the PFAs. She said its computation is based on the template given by the National Pension Commission (PenCom), adding that the higher the lump sum, the lower the monthly pension in the programme.

    “It is a periodic (monthly or quarterly) pension payment to a retiree from the balance in his retirement savings account for an estimated guaranteed pension period or life span. PFAs owed the retirees the duty to enlighten and agree with them on the preferred withdrawal option.

    She said the process entails PFA to provide current total RSA balance, amount for lump sum and other necessary data for the purpose of generating annuity quote

    “Retiree should provide life insurance Company chosen with RSA balance less amount for lump sum and collect the quotation or provisional agreement from Life Insurance Company and submit same to his PFA as soon as possible.

    “PFA shall within seven days of receipt of application seek approval from PenCom to pay lump sum and release annuity premium. PenCom will send approval to PFA and copy Pension Fund Custodian (PFC) and the National Insurance Commission (NAICOM).

    “PFA will pay the lump sum of the retiree and transfer balance to Life Insurance Company. Life Insurance Company will issue the policy document of the retiree. Payment of monthly pension is made by standing order to the bank account of the retiree,” she said.

  • LASPEC prepares civil servants for retirement

    LASPEC prepares civil servants for retirement

    The Lagos State Pension Commission (LASPEC), in a bid to adequately prepare public servants for retirement, is organising a seminar for over 1000 workers, who are retiring between January and June, its Director-General, Rotimi Adekunle Hussain, has said.

    Hussain who made this known to journalist in Lagos said the seminar which is the seventh of its kind will take place at the Adeyemi-Bero Auditorium, the Secretariat, Alausa, January 8, this year.

    According to the LASPEC boss, the seminar which is usually being organised in collaboration with the state’s approved Pension Fund Administrators (PFAs) and insurance companies is designed to further broaden the knowledge of the would-be retirees on how best to prepare for their retirement and access their retirement benefits under the Contributory Pension Scheme (CPS).

    Hussain stressed further that the seminar will among other benefits, explain the procedures for processing  end of service benefits; how they will monitor and ensure that their Retirement Savings Account is up to date with payment of the statutory monthly contributions and also expatiate on the two exit options of programmed withdrawal provided by the PFAs and Annuity for life option provided by the insurance companies.

    He added that other areas the seminar would cover  include topics such as making good investment decisions and living healthy in retirement.

    Hussain recalled that as at the 15th Retirement Bond Certificate presentation ceremony which was held in December, last year the administration of Governor Babatunde Raji Fashola, SAN has paid a total sum of N30.47billioninto the RSA of 5,773retirees under the CPS.

    He added that the Commission has concluded arrangement for a one-day seminar for Directors of Finance and Administration (DFAs) and Pension Desk Officers on the provisions of the Pension Reform Act 2014 which repealed the Pension reform Act 2004 on which the Lagos State Pension reform Law 2007 was based.

    The seminar which comes up January 15 will enable Ministries, Departments, Agencies (MDAs) of government to have a clearer understanding of the new Act and the implications for pension administration in the state public service.