LASPEC DG Laments Lack Of Retirement Savings Account

The Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, has lamented the failure of many public servants to open their Retirement Savings Accounts (RSAs).
Obilana made this disclosure on Tuesday during a sensitisation programme on the Contributory Pension

Scheme (CPS) for employees of Local Government Areas held in Ikeja, Lagos.
The three-day sensitisation programme will benefit 7,457 officers from the 20 local governments and five state divisions.

According to the DG, this oversight had profound implications for their future financial security. Without an RSA, their pension contributions remained in an Escrow Account rather than being invested and managed to generate growth.

He explained that this situation limited the potential of their retirement savings and complicated the pension payment process when they retired.

“I cannot stress the importance of opening your RSA without delay. If you have not done so already, I strongly urge you to take action today. The team at LASPEC is available to guide you through the registration process, assist with the required documentation, and provide information about the various PFAs available to you,” he told the large gathering.

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Obilana went on to explain that the CPS was established to guarantee a reliable and sustainable source of income for every employee upon retirement.

“Over the years, the administration of the CPS in Lagos State has evolved, with several key updates to improve efficiency, transparency, and accessibility. These changes reflect our ongoing commitment to safeguarding pension funds and ensuring that your benefits are protected and accessible when you need them most,” he said.

Also speaking at the event, the Head of Service (HOS), Bode Agoro, said the sensitisation aims to facilitate the seamless processing of retirement benefits for public servants in the state.

Agoro, who was represented by the Permanent Secretary, Mrs Olasunkanmi Oyegbola, praised LASPEC for its unwavering commitment to continuously guiding public servants through the often complex retirement process and helping them navigate the transition smoothly.