By Olasunkanmi Akoni
RECENTLY, Lagos State Pension Commission, LASPEC, organised a seminar in conjunction with stakeholders in the Contributory Pension and Insurance sectors to sensitize workers who are retiring between January and June, 2012 from the core Civil Service, State Universal Basic Education Board (SUBEB), Parastatals and Local Government Service.

The event which took place at Adeyemi Bero Auditorium, Secretariat, Alausa, Ikeja was well attended by intending retirees and other stakeholders.

Addressing over 1000 registered participants at the seminar, LASPEC Director General, Mr. Adekunle Hussain, said the training was important as it would make workers to come to terms with life in retirement.

Hussain noted that in spite of the awareness and enlightenment programmes, workers were still not conversant with the operation of the contributory pension scheme.

According to him: “The pre-retirement seminar has been designed to help workers prepare for their physical, emotional and financial well being in retirement. Planning for retirement enables you to be in a better position and frame of mind to build a vibrant and rewarding life in retirement.”

He said research revealed that workers who attended pre-retirement seminars were more prepared for the change from routine work life and happier in retirement than their colleagues who did not attend such programmes.

The DG said: “The Lagos State Government has operated within the framework of the pension Reform 2007, by ensuring that immediately salaries are paid, both the seven and half percent contributions by the state government and the seven and half percent deduction from the employees’ salaries are forwarded to the Retirement Savings Account, RSA, of the employee with the PFA of their choice.”

Mr. Hussain noted that the main objective of the scheme was to ensure that every employee received his/her retirement benefits as at when due and to assist employees to save towards a better rewarding future.

According to him, “the commitment to full funding of the contributory pension scheme is its major edge over the defined benefit scheme otherwise known as Pay as You Go Scheme.”

He said that the government had been the only state in the country to have shown the greatest commitment to the scheme, stressing that it was on record that the state had so far redeemed retirement bond worth N5,824,325,892.42  into the RSAs of 1,121 retirees.

Hussain added that the training would enhance healthy living at retirement and how to make good investment decisions.

Issues discussed at the seminar include, the procedure for processing of the Retirement Bond for past service benefit; how to ensure that retiree’s Retirement Savings Account (RSA) is up to date with payment of their contributions; the two exit options of either Programmed Withdrawal by the PFA or Annuity for life by an Insurance Company, healthy living at retirement and how to make good investment decisions.

Hussain, also acknowledged Governor Fashola for his love and commitment to the scheme.

He said; “While other states in Nigeria are still in the process of enacting their Pension Reform Law, His Excellency has always ensured that funds are made available to pay the Retirement Redemption Bond which accrue to each employee from date of employment to March 2007 when the Pay As You Go Scheme gave way to the Contributory Pension Scheme; while also ensuring that payments into employees RSA are up to date.”

One of the participants who simply gave his name as Mr Adewale, expressed his gratitude to the state government for organising the seminar which he said has gone a long way in understanding the scheme better, “am I more enlightened now, unlike before, i didn’t really understand what PFA is all about but now, i know better, its all about saving for the rainy days.”