Insurance

Lagos intensify efforts for sustainable pension administration

by Editor

September 13, 2017 | 12:13 am
  |     |     |   Start Conversation

Lagos State is committed to ensuring that challenges faced in pension administration in the past that led to current reforms in the industry is not allowed to repeat itself.

Pension administration in Nigeria has been haphazardly handled over the years, resulting in huge pension arrears and the subjection of pensioners to untold hardship.

Lagos State Government is therefore aiming to ensure the sustainability of the series of digital, electronic mechanisms and innovation now enshrined in the processes of its Civil Service Pensions Office (CSPO).

Governor Akinwunmi Ambode gave the assurance in his opening address at the training for Senior Staff Members of the Lagos State Civil Service titled, ‘Digital and Electronic Administration of Pensions in Lagos State’ organized by the Civil Service Pensions Office of the Ministry of Establishments, Training and Pensions.

Ambode who was represented by the Commissioner, Lagos State Ministry Of Establishments, Training And Pensions, Benson Oke said digital and electronic administration of pensions entrenched by the State is crucial for effective and efficient administration of pension in the State.

He explained that the CSPO has been responsible for processing of terminal benefits of staff who exit the system by way of statutory or voluntary retirement, noting that this is for pensioners who disengage on the “Pay As You Go” Scheme.

In addition to this, he said the CSPO is responsible for processing of payment of pensions and gratuities, maintaining comprehensive and up-to-date personnel records for pensioners of the civil service, among others.

He said in line with the recognised need for reforms, the Lagos State Government committed itself to the task of ensuring a better and more effective pension administration system.

He said it is to this end that the CSPO put in place various measures to ease the burden of retirees and ensure their comfort, he added.

He urged the participants at the training to be prepared to deliver value to pension administration in the State through digital and electronic measures.


by Editor

September 13, 2017 | 12:13 am
  |     |     |   Start Conversation

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