The Lagos State Government has started preparations for the retirement of not less than 1,200 workers from its public service between January and July 2023.
Mr Babalola Obilana, Director-General, Lagos State Pension Commission (LASPEC), said this on Saturday at the 23rd Retirement Benefit Documentation Seminar for the intending retirees in Lagos.
Obilana stated that the seminar was organised in collaboration with the state’s approved Pension Fund Administrators (PFAs) and Annuity Service Providers (ASPs).
He explained that the commission seeks to provide relevant information on the documentation required to process the retirees’ accrued pension rights which will be remitted into their Retirement Savings Accounts (RSAs) upon retirement.
“We believe that your retirement should be seamless and stress free after spending a significant amount of your productive years in service to the state.
“You will be educated on the recent updates to the Contributory Pension Scheme (CPS), there will be valuable information on managing your health and personal finances in retirement.
“Also, investment and estate planning tips will be shared so that you can maximise and fully enjoy your pension entitlements,” he said.
According to him, the state government is committed to the speedy resolution of pension issues and constantly innovating to deliver first class service to its retirees and intending retirees.
The director-general noted that since the inception of the present administration in May 2019, over N44.5 billion has been credited into the RSAs of 11,854 retirees.
Obilana emphasised that the state government will not relent in its efforts to secure financial freedom for its pensioners.
He hinted that LASPEC had implemented and supported various pension reforms and business processes.
According to him, some of the reforms are the RSA Transfer Window, Automation of Business Processes, Inspection of PFAs and ASPs and the new LAG-ID Card to ease the burden of the senior citizens.
“I appreciate all our stakeholders, especially the service providers, the PFAs and ASPs, you are part of the success story of the Lagos state CPS,” he added.
Commenting, an intending retiree, Mr Olanrewaju Wusu, thanked God for the grace to witness a successful service year, noting that there is a season for everything in life.
Wusu recounted that working with the Lagos state public service had been a wonderful experience.
He expressed appreciation to the state government for employing him at a youthful age as a cleaner and creating the opportunity for him to climb the ladder to retire as a director.
“The Lagos state government provided an enabling environment for us to study more and grow on the job.
“It is by God’s grace that we were able to join the state’s public service and to still be alive to exit it in a few month.
“Some of the colleagues we joined together are either not alive today or not in good health, so we thank God and pray that God heals those that are sick,” he said.
