By DAYO ADESULU

In its bid to create awareness  of the new pension scheme for both teaching and non teaching Staff, Lagos State Universal Basic Education Board (SUBEB), recently, embarked on a sensitisation tour to the twenty local governments education authority in Lagos.

Speaking at the occasion, the Chairman Lagos, SUBEB, Mrs Daudu Gbolahan,who was represented by Mr Fagbamila James, Head of Department, Pension, SUBEB noted that ignorance of workers toward the workability of the new pension scheme necessitated the creation of enough awareness to give pensioners rest of mind.

The programme which brought together six pension fund managers who spoke on various topical issues that have been negatively affecting pensioners and the delay on the part of fund managers in releasing pension funds at their disposals, attracted over three thousand representatives who asked questions on the scheme.

Pension managers at the event include; Lead Way Pension, Trust Fund Pension Plc, ARM Pension, Stanbic IBTC Pension Fund, NLPC Pension Fund and Crusader Pension Fund.

Also, Lagos State Pension Commission (LASPEC), was represented by Mr Ademopo Toyese and Mr Kotun Ahmed who introduced the four annuity providers approved by Lagos State government which include; Leadway Pension, AIICO, Crystal Life and African Alliance. “There are beneficiaries already of the scheme, so, it is no more new,” he said.

Fagbamila who urged workers to plan for the future said, pension is the end result of every worker adding, “There is time you come into the service and there will be a time you must retire either by compulsory age of 60 or 35 years of service.”

He, therefore reassured them that SUBEB is available to guide them, stressing that there is nothing to worry about if all pensioners will follow due process.

In order to enlighten the workers on the new pension scheme, six areas were addressed which include: The process of retirement- the role of LGEA, SUBEB, LASPEC, PFA and PENCOM. You and your retirement savings account, Common mistakes that hinder quick access to retirement benefits, The issue of unfunded R.C.S.A, Options for pension payments- programmed withdrawal and annuity for life and The process of death  benefits ie the importance of a will.

On ‘you and your retirement saving account,’ Fagbamila urged workers to ensure that their monthly deductions are remitted to their chosen pension manager.

On her part, representative of LeadWay Pension, Mrs Sherifat Abrahim urged pensioners to monitor their retirement savings accounts with pension managers, adding, “Your statement of account must reflect all the transactions in your account, if you notice there is a missing month or year, quickly alert your Retirement Savings Account (RSA) manager.”

According to her, there is need for workers to update their information with pension manager stressing that if you are moving from job A to B, you are to notify your account officer.

She pointed out that many workers who have problem getting their benefits after retirement are due to incorrect document, especially date of birth which some workers change yearly.

It was noted however that many retirees benefits are delayed, because some of them do not inform their pension fund manager before retirement. Mr Lanre Durowoju representing NLPC pension noted that some workers who have delay getting their benefits, was due to late clearance from employers and incomplete documentation with PFA.

Other factors that delay payment include;  failure to notify PFA of change in contact details, delay in remittance of acrew benefit, hanging on to original certificate and not having your account officer’s telephone number.

Talking on processing death benefit and the importance of having a will, Tayo Akinsanmi representing Stanbic said, in  case of eventuality, every worker whether old or young should write his will to avoid conflict over their property after death.