By David Akinmola
Lagos State government has urged over 7,457 government officers across the 20 local governments and the five divisions of the Lagos State to open their Retirement Savings Accounts.
Speaking on the development, the Director-General,Lagos State Pension Commission (LASPEC), Babalola Obilana, said at the sensitisation programme on the Contributory Pension Scheme for employees of Local Government Areas, in Lagos.
The DG warned that the oversight had serious implications for the workers’ future financial security, stating that without an RSA, their pension contributions remained in an Escrow Account, rather than being invested and managed to generate growth.
He said, “I cannot stress enough the importance of opening your RSA without delay. If you have not done so already, I strongly urge you to take action today. The team at LASPEC is available to guide you through the registration process, assist with the required documentation, and provide information about the various PFAs available to you.”
Obilana explained that the CPS was established with the primary goal of guaranteeing a reliable and sustainable source of income for every employee upon retirement.
“Over the years, the administration of the CPS in Lagos State has evolved, with several key updates aimed at improving efficiency, transparency, and accessibility. These changes reflect our ongoing commitment to safeguarding pension funds and ensuring that your benefits are both protected and accessible when you need them most.
“A significant recent development has been the strengthened collaboration between the Lagos State Pension Commission, the Pension Fund Administrators, and the Annuity Service Providers.
“LASPEC has worked tirelessly to streamline processes, ensuring that pension benefits are easily accessible upon retirement. This collaboration is essential to ensuring that retirement savings are properly managed and continue to grow over time,” he stated.
Speaking at the event, the Head of Service, Bode Agoro, said the sensitisation was aimed at facilitating the seamless processing of retirement benefits for public servants in the state.
Agoro, who was represented by the Permanent Secretary, Olasunkanmi Oyegbola, said the programme was significant as it allowed for the updating of public servants’ personal and pension-related information, ensuring the efficient processing of retirement benefits.
