Mrs Onanuga
Welcome Address delivered by the Director –General, Lagos State Pension Commission (LASPEC) at the 12th Retirement Benefit Documentation Seminar for employees who are due to retire from the Lagos State Public Service between July – December, 2017 on Wednesday, 7th June, 2017.
Protocol
I want to warmly welcome you all to yet another of our enlightenment programmes for staff in the State’s Public Service who will be retiring from active Service in the next 6 months i.e. between July – December, 2017. The journey majority of you started about 35years ago with the State Government is about to end. Life itself is a journey and it is in three phases – the morning, noon and evening times. In the morning time of your lives, people made decisions for you e.g. school to attend, etc. This was the time of your youth. The noon time is the most active time and that was the time when you took decisions for yourselves; one of which was the decision to join the State’s service and to continue in that Service until you retire. What you do in the noon time of your life actually goes a long way in determining the kind of life you will live in your evening time. The evening time is the time when activity is reduced. A lot of energy has been expended in the noon time and you just want to rest. That is the stage you are about to enter and my prayer is that your evening time will be enjoyed before you eventually sleep in the Lord.
The aim of this seminar is to educate you, the intending retirees, firstly on documentation to provide, steps to take and areas where you need to pay attention to, to aid prompt processing of your entitlements. One of those areas is on the issue of your Retirement Savings Account and the need for you to pay close attention to its contents. Some of you have 0 balances in your Retirement Savings Account. In some cases, there are missing month’s contributions. All these are issues which in your best interest you must resolve before you eventually retire. Secondly, the program me is designed to give advisory services to you on matters as it relates to managing your health in retirement, managing your finances, the importance of Will Writing and also throw light on the need for you to have a safety nest no matter how small which you can fall back on before your terminal entitlements are paid. In the course of the meeting, you will also be exposed to the various pension payment options i.e. the programmed withdrawal and life annuity options. I will advise you to listen attentively as you will need to take a decision which you will be responsible for as it relates to your life in retirement.
We have on ground, seasoned speakers whom I am sure will do justice to the topics so that the knowledge gained from this meeting will embolden you to face the challenges out there without fear.
Employees who are due to retire from the Lagos State Public Service between July – December, 2017
The Lagos State Government, you will agree with me, has consistently ensured from April, 2007, when the State subscribed to the Contributory Pension Scheme, that contributions are remitted into your Retirement Savings Account. We remain the only State Government that has achieved this feat and are disciplined in the area of compliance with the provisions of the Pension Reform Law as it relates to contributions remittances. Yes, we are aware that there are pockets of Parastatals who have challenges of compliance. The attention of the Government has been brought to this and commitment obtained from the management of these agencies that efforts will be made to comply failing which the Government will wade in to sanction the management of the erring Parastatals.
On the issue of funding the accrued pension rights, without which, you will not be able to access your retirement savings account and draw your lump sum and monthly pension, the State Government’s commitment is also unparalleled. The Retirement Benefit Bond Fund Account is funded monthly with 5% of employees’ salary as stated in the Law. However, due to the inadequacy of the funding rate as revealed when the State Government carried out the actuarial valuation exercise, His Excellency, Mr. Akinwunmi Ambode has graciously provided pension bailout funds to meet the obligations. As we had a backlog before his intervention, the equitable thing to do is to clear the backlog first then ensure payment to subsequent retirees.
Ladies and gentlemen, from year 2010 to date, a total number of 13,675 retirees are peacefully enjoying their life in retirement. They have accessed their Retirement Savings Account and are drawing monthly pension, having received their lump sum also, under the contributory pension scheme dispensation. I am happy to note that out of the above number, the Government of Mr. Akinwunmi Ambode in a period of less than 2 years was responsible for liberating a total number of 6,509 retirees. On this 6, 509, a total sum of approximately N28.5 billion was expended. With the commitment of His Excellency to the welfare of retirees, and his directive that monthly, pensioners accrued pension rights must be credited into their Retirement Savings Account, I am very sure that early in your retirement, the State Government would have met their obligations to you so that you can be financially empowered in retirement. This is what this administration has succeeded in doing and hence our resolve, as a Commission, to advise you to put in your papers on time so that necessary approvals will be obtained on time from the relevant agencies of government.
It might interest you to note that the State Government has invested a lot in the Lagos State Pension Commission and we operate an e-environment to ensure that we offer seamless service delivery to you. We have introduced the Employees Retirement Evaluation System (ERES) to aid and facilitate the benefit payment process. This software is to hasten the process of computing the past service benefit of retirees with minimal human intervention and zero percent error rate. We have also initiated and perfected the Electronic Archiving of records of payments made to retirees of the State for preservation and protection of records. We are in the process of finalizing the Retiree Identification Card issuance process. To provide exception service to you, we have a 24/7 toll free Help Desk line – 016311699 to ease communication with our customers. We recognize the diversity of our customers as some are more literate than others and so your enquiries when you call this number will be answered in the language of your choice. We have three options, i.e. English, Pidgin and Yoruba.
Let me use this medium to assure you that we are committed to your welfare and will continue in our quest to make the Contributory Pension Scheme a success not for self aggrandizement but because we recognize the need to make you comfortable at that period in your life when your strength has reduced and you should have the status of respected elder Statesmen and women. We owe you that much. It is our desire to see you managing this phase of your life in comfort. Hence, we will advise you to define your needs from your wants so that when your terminal entitlements are paid, you will spend same judiciously. I also want you to start to think of alternative steams of income available to you to keep you busy in retirement and also add to whatever you will receive as terminal entitlements.
At this juncture, please permit me to appreciate our partners in progress i.e. the Pension Fund Administrators & the Annuity Service Providers who have sponsored this programme. I want to specially thank His Excellency, our amiable Governor, Mr. Akinwunmi Ambode and his team i.e. Members of the State Executive Council, the Legislature and the Ministry of Establishment Training & Pensions for their commitment to meeting pension obligations. Their support for the Commission’s activities has enabled us to be very efficient and effective in our operations and this has translated into qualitative service delivery to you, our dear prospective retirees.
Finally, let me on behalf of His Excellency, congratulate you for being part of the Lagos at 50 celebrations and also wish you, all our Muslim brothers and sisters, Ramadan Kareem. May God accept the fasting as an act of worship.
Once again, I welcome you to this important meeting and wish you all happy deliberations.
Thank you.
Itesiwaju Ipinle Eko, lo je wa logun
Mrs. Folashade Onanuga
Director General
