Posted on: 2012-07-12 00:00:00

Lagos State Pension Commission in conjunction with the six Pension Fund Administrators (PFAs) recognized by the State will hold a pre-retirement seminar to sensitize workers from the core Civil Service, State Universal Basic Education Board (SUBEB) and Local Government Service who would be retiring from the service between July and December, 2012.


The seminar which is the second of its kind is scheduled to hold at the Adeyemi-Bero Auditorium, Secretariat, Alausa, Ikeja on Wednesday July 18, 2012.


According to a statement by the Director-General of the Commission, Mr. Rotimi Adekunle Hussein, “many prospective retirees have still not understood fully, requirements and provisions of the Contributory Pension Scheme despite the level of enlightenment and awareness programmes put in place by the Commission, relevant Pension Fund Administrators and other stakeholders in the industry”.


The seminar is designed with a view to helping prospective retirees prepare for their physical, emotional and financial well-being in retirement. The training would also assist them to come to terms with the benefits and advantages inherent in the Contributory Pension Scheme (CPS) as against the moribund and apparently inefficient Pay-As-You-Go Scheme.


He stressed that the importance of the seminar to the retirees could be over-emphasized, as it would explain the procedure for processing of their Retirement Bond for past service benefits; steps towards ensuring that their Retirement Savings Account (RSA) is up to date with the payment of their contributions, as well as highlighting the exit option of Programmed Withdrawal provided by the PFAs. It would also cover tips on healthy living at retirement and how the prospective retirees could make good investment decisions.


Speaking on the other exit option of Annuity, he said, “Stakeholders in the Insurance institution may wish to organize a similar forum to explain fully the operations and benefits of the annuity option to intending retirees in the near future”.


While appreciating the Governor of the State, Mr. Babatunde Raji Fashola (SAN), for his love and total commitment to the scheme and his determination to ensure that the retirees get better retirement life after leaving the service, the Director-General, named the PFAs partnering with the Lagos State Pension Commission on this seminar to include; Stanbic IBTC Pension Managers, Crusader Sterling Pension Plc, Leadway Pensure, ARM Pensions, NLPC Pension Fund Administrators Ltd and Trustfund Pensions Plc.


 Taofeek Lawal