The Lagos State government said it would continue to prioritize the welfare and interests of pensioners by ensuring prompt payment of obligations within its available resources.
Lagos State Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, reiterated this on Friday at the 22nd Pre-retirement Benefit Documentation Seminar organized virtually by the Lagos State Pension Commission (LASPEC) in Lagos.
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“Gov. Babajide Sanwo-Olu has shown his commitment to the financial freedom of retirees in the state by maintaining the monthly payment of retirement obligations despite the global pandemic and its adverse impact on the economy,” Ponnle said.
According to her, the Lagos state government is dedicated to maintaining its leading role in the Nigerian pension industry by improving on the timely payment of retirees’ pensions and other applicable benefits.
Ponnle, represented by her permanent secretary, Dr Augustine Onayele, noted that the present administration had a goal to clear the backlog of pensions by the end of Sanwo-Olu’s first term.
She stated that the pre-retirement documentation seminar was organized to prepare all prospective retirees for the retirement process.
“As retirement life is around the corner, I wish to advise you to embrace the joy and challenges of this new phase of life.
“Be wary of fraudsters and seek advice from competent and reliable sources.
“In this regard, please do not hesitate to contact LASPEC or even the Ministry of Establishments, Training and Pensions should you require clarifications or advice regarding the modalities surrounding your retirement benefit.
“I congratulate every prospective retiree present and wish you all the best. I pray that God will give you good health to enjoy your retirement,” the commissioner added.
In his welcome address, Mr Babalola Obilana, Director-General, LASPEC said the online seminar on retirement benefit documentation was organized to guide intending retirees and ensure their smooth exit from active service.
Obilana said the programme was intended to educate the intending retirees on the necessary documentation required to promptly access their accrued rights and/or pension after retirement.
“The programme will provide valuable information on managing your personal finances in retirement, knowledge of investment and estate planning.
“Also relevant health tips to promote healthy living will also be offered so that you can fully enjoy your pension entitlements,” he said.
According to him, the Lagos State government acknowledges and appreciates the years of productive service by retirees and will ensure that their transition to retirement is seamless and stress-free.
The Director-General stated that the state government was committed to the well-being of its workforce, both present and post service.
Obilana said the current administration had prioritized the speedy resolution of all pension issues in the state while LASPEC constantly reviewed and improved its business processes.
He said this was to attain the governor’s goal of the immediate payment of pension entitlements upon retirement from the public service.
In a presentation titled: Retirement Benefit Documentation Process Under Contributory Pension Scheme (CPS), Mr Seyi Okunola, Human Resources/Administrative Officer, Technical Department, LASPEC said retirement should be planned and not something to be scared of because it was inevitable.
Okunola said proper preparation and documentation were key for retirees to get their benefits paid on time.
He charged the prospective retirees to start the process of retirement six months before their retirement with a notice of their impending retirement to their employers and completion of the LASPEC form.
Mr Wale Soetan of the Finance and Investment Department, LASPEC in his presentation titled: “Managing Finances at Retirement,” advised the prospective retirees to avoid risky ventures, invest in productive and not wasteful assets, buy short term financial investments and convert part of their houses for rental income.
Soetan told the intending retirees to earn daily cash flow through business ventures, avoid government contracts except for cash-backed and apply discretion on expenses such as marriage ceremonies, and birthdays, among others.
The Managing Director, Career Anchor Consulting Ltd. Mrs Ada Duggan, said the importance of managing one’s health in retirement could not be overemphasized because it made retirement either pleasurable, enjoyable or an unhappy one.
Duggan charged the prospective retirees to expect and constructively plan for changes in their health and life and also take responsibility for managing their health.
“The ability to expect and constructively plan for the physical, mental, economic and social changes are critical to ensuring sound health in retirement,” she said.
