Lagos State Government invests N62bn on workers’ RSA

By Bankole Orimisan   |   12 June 2017   |   4:15 am  

Savings. PHOTO: google.com/search

Lagos State government has paid approximately N62 billion into the Retirement Savings Accounts (RSA) of about 13,000 retirees since the commencement of the payment of entitlements in the Contributory Pension Scheme (CPS).

This was disclosed by the Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson-Oke at the 12th Retirement Benefits Documentation Seminar, organised by the Lagos State Pension Commission (LASPEC), for employees who are due to retire from the State Public Service between July and December.

According to him, Lagos State remained the only state in the federation that is up to date in its monthly remittances into serving employees’ RSAs.


“The Retirement Benefit Documentation Seminar comes up bi-annually, and put together for the core civil servants and other employees in the State Universal Basic Education (SUBEB), Teachers’ Establishment & Pensions Office (TEPO), Government Parastatals and Local Government Staff, who will be retiring from the State’s Public Service between July and December, 2017,” he said.

Oke said many employers of labour and indeed, many state governments do not see the need to prepare their employees for a new life, stressing that Governor Ambode’s administration, is a people-oriented one, and has resolved that everyone who has worked diligently for the state has to be recognised, paid his/her dues and assisted to prepare for future challenges.

He told the workers that while the change they would soon experience may bring daunting challenges; they really have nothing to be anxious about, as they have the advantage of having served an organisation that has made adequate arrangements for their future in retirement.

He noted that in the last 22 months alone, the State Government had paid accrued pension rights of approximately N28 billion into the RSAs of 6,509 retirees.

The Director-General, LASPEC, Folashade Onanuga, said the seminar was organised to educate intending retirees, firstly on the documentation required, steps to take, and areas where they need to pay attention, to aid prompt processing of their 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.

“All these are issues, which, in your best interest, you must resolve before you eventually retire. Secondly, the programme 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. Also to 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,” she said.

She maintained that Lagos State is the only state that put those that are about to retire together to teach them on what to do, stressing it is the only state that ensures that retirees had sweet rest in retirement.



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