Lagos to public servants: Pension delays loom without updated retirement accounts

Lagos Head of Service with top government officials

Published By: Kazeem Ugbodaga By Kazeem Ugbodaga

The Lagos State Head of Service, Bode Agoro, has emphasised the importance of public servants aligning with the evolving Contributory Pension Scheme (CPS) to ensure financial security in retirement.

He made this call during a sensitization programme organized by the Lagos State Pension Commission (LASPEC), held at the Adeyemi Bero Auditorium in Alausa, Ikeja, on Tuesday.

Agoro, in his speech underscored the significance of the CPS, which was enacted into law in Lagos State on March 19, 2007, as a sustainable retirement plan for public servants.

He noted that several government policies have been introduced over the years to strengthen the Nigerian Pension Industry and safeguard workers’ retirement benefits.

“The Contributory Pension Scheme was designed to ensure financial security for public servants upon retirement. Since its introduction, numerous policies have been made to protect workers’ savings and enhance the pension system,” Agoro said.

Highlighting the importance of the sensitization programme, he stressed that public servants must stay informed about the latest developments in the pension scheme.

“Knowledge is power, and information is key. A man without the right information is deformed. This programme is aimed at equipping public servants with vital updates and changes to the CPS,” he stated.

One of the key updates discussed during the event was the ongoing data recapture exercise, which involves linking the National Identification Number (NIN) to employees’ Retirement Savings Accounts (RSAs).

Agoro explained that this process is crucial for easing pension documentation and ensuring timely payment of retirement benefits.

“For those who have updated their service documents or changed names or locations, this exercise provides an opportunity to register those changes with your Pension Fund Administrators (PFAs). It’s important to ensure your records are current to avoid delays in accessing your benefits,” he added.

A cross section of public servants at the event

Agoro also announced that PFAs would be available at the Adeyemi Bero Auditorium for four days to assist public servants with their documentation and data updates. He urged employees to take full advantage of this opportunity.

He reiterated that the data recapture exercise is not intended to burden public servants but to simplify the pension process. “This exercise is aimed at making it easier for you to receive your retirement benefits without delay,” he reassured attendees,” he said.

The sensitization programme provided a platform for public servants to update their records and ensure a smooth transition to retirement.

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Earlier, Babalola Obilana, Director-General of LASPEC, said “The CPS ensures that all employees have a sustainable income source upon retirement. Both employees and employers contribute to a pension fund, which is managed to secure your future.”

The Director-General highlighted recent updates to the administration of the CPS in Lagos State, noting efforts to enhance efficiency and transparency.

He praised the strengthened collaboration between LASPEC, Pension Fund Administrators (PFAs), and Annuity Service Providers (ASPs), aimed at streamlining access to retirement benefits.

“This collaboration ensures that your retirement savings grow and are managed responsibly,” he assured.

Obilana raised concerns over the number of public servants yet to open their Retirement Savings Accounts (RSAs), a requirement for participation in the CPS.

“It has come to our notice that many public servants have not opened their RSAs, leaving their pension benefits in Escrow Accounts,” he revealed, warning that this could hinder their financial security.

He urged all affected individuals to take immediate steps to open their RSAs, assuring them of LASPEC’s support in the process.

“If you haven’t opened an RSA, I urge you to do so. Our team is here to guide you through the registration process,” he said.

Obilana also announced plans for future workshops and information sessions to help public servants better understand the pension process.

“We are committed to hosting workshops in the coming year to demystify the pension process and provide the knowledge you need for informed decisions,” he added.

Director-General reaffirmed LASPEC’s commitment to securing the financial well-being of public servants, urging everyone to take proactive steps today to safeguard their future.

“Together, let us strengthen our pension scheme for the benefit of all public servants in Lagos State,” he said.