The Lagos State Government has advised its retiring employees to cultivate a savings culture that would guarantee quality lifestyle in retirement.
The Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, gave the advice at the 16th Retirement Benefit Documentation Seminar held at Alausa, Ikeja for Employees in the State Civil Service due to retire between July and December 2019.
She noted that the documentation bi-annual seminar was aimed at enlightening civil servants on the processes for payment of their accrued pension rights and the need for commencing the processing early.
Onanuga added that because retirement comes with its own peculiarities, prudent financial management and engagement in profitable investments are essential.
While saying that Lagos State remains the only State that is up to date in the monthly remittance of retirement contributions of its workforce, Onanuga assured participants of the State government’s commitment to sustain regular funding of employees’ retirement saving account.
In her words, “I am happy to inform you that in the last 46 months, over N45billion had been expended as accrued rights for a total number of over 11,000 retirees from the public service. We were able to achieve this feat because accrued rights were paid monthly since August 2015 to date”.
The Director-General further disclosed that the State government had invested in ICT infrastructure to ensure that pension operations are uninterrupted in addition to the introduction of other innovations that would further guarantee efficiency and effectiveness.
She also explained that the increase in the number of Pension Fund Administrators and Annuity Service providers from 6 – 25 and 5 – 6 respectively was to aid better service delivery to the retirees.
“Our support for the activities of LASPEC has also enabled us to be very efficient in our operations and also enhanced our service delivery to retirees,” Onanuga restated.
She implored the participants to ensure that all relevant documents are promptly submitted, pledging that service delivery by the Commission would be maintained and even surpassed by the administration of Governor Babajide Sanwo-Olu.