The Nation Newspaper

Tag: LASPEC

  • LASPEC pays N1.7b to 319 retirees

    LASPEC pays N1.7b to 319 retirees

    The Lagos State government has paid N1.79 billion to 319 retirees under the Contributory Pension Scheme (CPS). The government said it is its way of expressing appreciation to workers who retired from the state public service after serving the State for 35 years.

    Director-General of the Lagos State Pension Commission (LASPEC),  Rotimi Adekunle Hussein who spoke while presenting retirement bond certificate to the retirees during the 14th batch of Retirement Bond Certificate presentation ceremony held in Lagos, said the government remained committed to making pensioners happy.

    He assured the retirees that the total value on the bond which represents the past service benefits accrued to each beneficiary has already been remitted into their respective Retirement Savings Accounts (RSA) with the Pension Fund Administrators (PFAs).

    He noted that this is in addition to the 7.5 per cent employees’ deductions and 7.5 per cent employer’s counterpart monthly contributions regularly remitted to their RSA accounts since inception of the scheme.

    Hussein further disclosed that the commission had earlier in August and September paid 221 retirees the sum of N923.7 million at the 12th and 13th batch of Retirement Bond Certificate presentation.

    He said as at the 13thBond Certificate presentation, the government had paid N21.1billion retirees being their past service benefits prior to the commencement of the Contributory Pension Scheme in April, 2007.

    He said the ceremony is specially designed by the state government to celebrate and express appreciation to these retirees for showing great commitment and dedication to the service of the state while still in service.

    He said: “The ceremony is regularly done in fulfillment of Governor Babatunde Fashola (SAN) administration’s uncompromising commitment at ensuring that every worker who retires from the state public service gets his or her retirement benefits with relative ease.

    “Lagos State has continued to wax stronger in the administration of the CPS in Nigeria. Just in July this year, the concerted efforts of the state government at improving the standard of living of its retirees was recognised and appreciated by President Goodluck Jonathan with the presentation of a gold trophy award. The state was presented the award in Ahuja during the tenth year anniversary of the establishment of the CPS in Nigeria, for emerging the best out of the 36 states of the federation in the adoption and full implementation of the CPS in accordance with the provisions of the Pension Reform Act 2004.

    “It is indeed gratifying to emphasise that the All Progressives Congress (APC) led administration in Lagos State has not only justified its leadership position among the states of the federation in the provision of developmental projects and dividends of democracy to Lagosians over the years, it has also continued to stamp its authority on the administration of the CPS in the country.”

    The LASPEC boss added that with  presentation  therefore, the state has, within the limited resources available been able to pay a total sum of N28.9 billion to 5,530 retirees, a feat that is yet to be matched by any state in the federation.

    “To further underscore Governor Fashola’s passion and commitment to the scheme, the state has contributed from inception till date over N54 billion.

    “This achievement by the state government has further confirmed the benefits inherent in the scheme as against the old Pay-As-You-Go Scheme. The implementation of the CPS especially in Lagos State has proven beyond reasonable doubt that the scheme is truly desirable.

    “There is guarantee that the fund contributed towards the scheme is safe, fully funded, portable, transparent and convenient. It also ensures instant payment of lump sum and retirement benefits to the next-of-kin in the event of the demise of the benefactor,” he said.

    He assured that the LASPEC and other stakeholders in the pension industry remain committed to the well-being of every worker who retires from the State Public Service and will not relent in their efforts at ensuring that every worker gets his or her retirement benefits under the CPS as at when due.

    Gone are the days when retirees languished in the rain and in the sun in the quest of getting their legitimate rights. The Pension Reform Act 2004 which was recently amended with the Pension Reform Act 2014 will further improve administration of pensions in the entire country and bring utmost benefit to everyone, he said.

  • Lagos contributes N51b to pension scheme

    Lagos contributes N51b to pension scheme

    Lagos State’s Contributory Pension Scheme (CPS) has hit over N51.6 billion, thus making the state a major contributor to the country’s N4.3 trillion pension assets, Director-General, Lagos State Pension Commission (LASPEC), Rotimi Hussain, said yesterday.

    The contribution represents the monthly deduction of 7.5 per cent from the salary of every employee and the counterpart 7.5 per cent contribution of the state government into the Retirement Savings Account (RSA) of every employee with their Pension Fund Administration (PFAs).

    Hussain, who spoke at the 11th Retirement Bond Certificate Presentation Ceremony to 354 retirees of the State Public Service held in Lagos, said the retirees who represent the second tranche of the 11th batch of the bond certificates, are paid N1.78 billion being accrued benefits to the beneficiaries.

    He said the money has already been remitted into their RSA with their respective PFAs. He said in the first tranche, 437 retirees mainly from the Local Government Areas and State Universal Basic Education Board (SUBEB) were paid  N1.72 billion.

    He added that with the payment of the second and concludoing tranche of the bond presentation, Lagos State has paid N3.51 to 791 retirees.

    He also restated the commitment of the state at ensuring that no employee in the  public service retires into penury. It has thus  paid a total accrued right of N26.2 billion to 4, 990 retirees who retired since the inception of the CPS.

    The LASPEC boss said the achievement has further brought to fore, the benefit and advantages inherent in the CPS as against what was obtainable under the old Pay-As-You-Go Scheme.

    The implementation of the CPS in has proved to  doubting Thomases that the scheme really works. It has been found to be safe, funded, portable, transparent, convenient and ensures the payment of instant lump sum. He said it also guarantees payment of retirement benefits to the next-of-kin even when the main beneficiary has passed on.

  • Lagos holds pre-retirement seminar Thursday

    The Lagos State Pension Commission (LASPEC) is organising a pre-retirement seminar for about 1,200 workers, who will quit the service between January and June, this year, its Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain, has said.

    He said the event will take place at the Secretariat, Alausa on Thursday.

    According to him, the seminar organised in collaboration with the state’s approved Pension Fund Administrators (PFAs) and insurance firms, is to further broaden the knowledge of the worers on how to prepare for retirement and access their benefits under the Contributory Pension Scheme (CPS).

    He said: “The Pre-Retirement seminar programme is aimed at assisting retirees to adequately prepare for their 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.”

     

  • LASPEC advises retirees on wills

    The Lagos State Pension Commission (LASPEC) has advised retiring civil servants to write wills while they are still alive.

    The Director-General, Mr Rotimi Hussain, said a will is an essential document in the Contributory Pension Scheme.

    Hussain, who gave the advice during a retirement seminar organised by LASPEC in partnership with some Pension Fund Administrators (PFAs) for workers billed to retire from the state public service between January and June, said: “The erroneous belief in many quarters is that if you prepare your will, you may die early.This is not the case. Preparation of a will is not a licence to early; rather it is an essential document which allows beneficiaries or next-of-kin to unfettered access to the estate when eventually left behind by the benefactor.”

    Explaining further, the Director-General said: “If a person died intestate without a will, the beneficiaries would be required to provide a letter of administration from the Probate Registry of a Law Court before they could access the balance in the Retirement Savings Account.

    He said: “Obtaining the Letter of Administration is always a difficult task, considering the time and finances involved.

    “Lagos State Pension Commission is already exploring the possibility of identifying reputable organisations who will assist workers in the area of will preparation,” he said.

    He noted that the pre-retirement seminar was designed to help retirees on pensions.