By Victor AhiumaYoung

THE National Pension Commission, PenCom, has commended the Lagos State Government for its leading role in the implementation of the Contributory Pension Scheme, CPS.

Acting Director-General of PenCom, Omolola Oloworaran, gave the commendation while delivering an address at the Third Quarter 2024 Consultative Forum For States and the FCT organised by PenCom in Lagos.

The two-day forum, brought together Heads of Pension Bureaux, Boards and Commissions directly steering  implementation of the CPS and other pension arrangements at various levels.

Also at the forum were Heads of Service and other senior government officials of states that had commenced efforts towards implementation of the CPS and other pension arrangements for their employees.

Oloworaran said the achievements of the state included the consistent remittance of pension contributions, funding of accrued rights, institution of Group Life Insurance Policy, and the prompt payment of retirement benefits.

According to her, these efforts have made Lagos a model for other states and propelled its hosting of the forum. In his remark, Lagos State Head of Service, Mr Bode Agoro informed that the state government recognised the importance of pension reforms. 

Represented by the Permanent Secretary, Head of Service, Mrs Sunkanmi Oyegbola, Agoro, said through Lagos State Pension Commission, LASPEC, the state had ensured financial security and well-being of its retirees.

According to him, “In Lagos State, we also recognise the need for protection of workers’ rights and as such, channel our commitment to promoting transparency, accountability, and efficiency in pension administration and management. “The welfare of our workforce and the retirees has always been our priority, and we have continually aligned our policies with the aims of the CPS under the Pension Reform Act.

“We are committed to ensuring that all pension contributions are regularly remitted, and retirees receive their entitlements promptly and without delays.”

The Lagos Head of Service commended PenCom for its unrelenting efforts in putting strategies in place for effective regulation and supervision of the Nigerian pension industry.

He, however, pointed out that a lot still needed to be done in sensitising some Pension Fund Administrators (PFAs) on the need to always fast-track processing of retirement benefits.

Agoro added that this was necessary to ensure timely payment of retirees across the country, in line with PenCom’s mission.