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Lagos recognised as best pension compliance state

By on July 15, 2014

Federal Government has awarded a gold trophy to the Lagos State Government for emerging the best state out of the 36 states of the federation to fully adopt and implement the Contributory Pension Scheme in compliance with the provisions of the Pension Reform Act, 2004.

According to a statement on Saturday by the Press and Public Relations Officer, Lagos State Pension Commission, Mr. Taofeek Lawal, the award was received in Abuja during a dinner to commemorate the 10th anniversary of the establishment of the CPS.

The statement added that the award was organised as part of the activities lined up for the World Pension Summit, Africa special in Abuja.

LASPEC noted that Lagos had from inception of the scheme in 2007 till date contributed N51.6bn, being the monthly deduction of 7.5 per cent from the salary of every employee and the counterpart 7.5 per cent contribution by the state government into the Retirement Savings Account of every employee with the Pension Fund Administrators.

The state, Lawal added, also paid N26.2bn as past service benefits to 4,990 retirees prior to the commencement of the Contributory Pension Scheme.

The World Pension Summit, which was hosted by the National Pension Commission, brought together all pension administrators across the world with a view to finding solutions to how African countries could best deploy pension funds to risk-free or near risk-free investment outlets, especially infrastructure and real estate.

LASPEC stated that former President Olusegun Obasanjo, who was also given an award for establishing the CPS in 2004, expressed the hope that by 2024 when it would be 20 years, the number of workers from both the public and private sectors under the scheme would have quadrupled the present number.

He also expressed joy that since inception, the scheme had not been associated with fraud.

 

 

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