Contributory Pension Scheme: Lagos urges public servant to update retirement accounts
…Timely action required to safeguard future benefits, warns HoS
By Sodiq Adelakun
The Lagos State Head of Service, Bode Agoro, has issued a critical warning to public servants regarding the essential need to update their retirement accounts, or risk facing delays in pension payments.
Speaking at a sensitisation programme organised by the Lagos State Pension Commission (LASPEC) on Tuesday, Agoro highlighted the integral role of the Contributory Pension Scheme (CPS) in ensuring financial stability for retirees.
During the event held at the Adeyemi Bero Auditorium in Alausa, Ikeja, Agoro stressed the importance of aligning with the CPS, which has been a pillar of retirement planning since its enactment on March 19, 2007.
The Head of Service pointed out that “numerous policies have been made to protect workers’ savings and enhance the pension system,” thereby reinforcing the reliability of retirement funds.
“The Contributory Pension Scheme was designed to ensure financial security for public servants upon retirement,” Agoro stated. “Knowledge is power, and information is key. A man without the right information is deformed. This programme is aimed at equipping public servants with vital updates and changes to the CPS.”
A key focus of the sensitisation event was the ongoing data recapture exercise, which requires the linking of the National Identification Number (NIN) to employees’ Retirement Savings Accounts (RSAs).
“This process is crucial for easing pension documentation and ensuring timely payment of retirement benefits,” Agoro elaborated.
Public servants were encouraged to take advantage of the PFAs available at the event for four days, enabling them to update documentation and rectify any discrepancies. Agoro assured attendees, “This exercise is aimed at making it easier for you to receive your retirement benefits without delay.”
Director-General of LASPEC, Babalola Obilana, further echoed the urgency of the situation, revealing that many public servants have not opened their RSAs—a requirement for participation in the CPS.
“It has come to our notice that many public servants have not opened their RSAs, leaving their pension benefits in Escrow Accounts,” he stated, warning that inaction could jeopardise financial security in retirement.
Obilana urged affected individuals to act decisively, saying, “I urge you to open your RSA. Our team is here to guide you through the registration process.”
He also announced plans for future workshops aimed at better informing public servants about the intricacies of the pension process.
Commitment to securing the financial well-being of public servants in Lagos State remains paramount, Agoro said, and he called for collective efforts to bolster the CPS.
“Together, let us strengthen our pension scheme for the benefit of all public servants in Lagos State,” he concluded.
As the deadline approaches, public servants are advised to promptly address their retirement documentation to ensure a smooth transition into retirement without the fear of payment delays.
