LASPEC rallies public servants on retirement planning
The Lagos State Pension Commission (LASPEC) has urged public servants in the state to take an active interest in their retirement planning and fully adopt the Contributory Pension Scheme (CPS) as a reliable and sustainable means of securing their post-service life.
Speaking at a sensitisation programme organised for public servants in Lagos yesterday, the Director-General of LASPEC, Babalola Obilana, emphasised the importance of pension education and awareness in enabling workers to make informed decisions that will ensure a stable financial future.
He noted that Lagos State has remained at the forefront of pension reform implementation in Nigeria, being the first state to adopt the CPS in line with the Pension Reform Act of 2004.
“The Lagos State Government is fully committed to the welfare of its workforce, both in service and after retirement. Through the consistent funding of Retirement Savings Accounts, timely remittances, and the administration of accrued rights, we are setting the benchmark for other states to follow,” Obilana stated.
The Director-General further explained that the sensitisation programme is designed to address the information gap among civil servants regarding their pension entitlements, retirement processes, and the roles of Pension Fund Administrators (PFAs).
He encouraged participants to regularly engage with their PFAs, monitor their Retirement Savings Account balances, and report any irregularities to the commission without delay.
Obilana also highlighted LASPEC’s ongoing efforts to improve service delivery, including the automation of processes, the prompt issuance of Retirement Benefit Letters, and collaboration with stakeholders to ensure that retirees receive their benefits without stress.
Participants at the event who also spoke to The Guardian expressed appreciation for the initiative and pledged to take a more active role in monitoring their pension contributions.
The sensitisation programme forms part of the Lagos State Government’s broader strategy to institutionalise transparency, accountability, and sustainability in pension administration while preparing public servants for a financially secure retirement.
