The Pensions Division was carved out of the Personnel Affairs Division in 2006. It became a beehive of activities since the beginning of the Contributory Pension Scheme (CPS) in 2007.
To ensure total compliance with the pension Reform Law of Lagos State 2007 with regards to the following subject to any amendment that may ensue there from:
Past service benefits of members of staff before the commencement of the Contributory Pension Scheme which is actuarially computed and redeemable at the point of exit from service;
Timely remittance of 7.5% contribution of both the employer and the employees into the Retirement Savings Account (RSA) of the employee.
Group Life Insurance Scheme.
To ensure a seamless transition from being an employee to a Retiree, who is treated with respect, dignity and honour.
Scope and Responsibilities
The Division ensures that Retiree’s documentations are done to and at the following establishment:
Lagos State Pensions Commission (LASPED);
Ministry of Establishment, Training and Pensions;
Auditor General’s office; and
Code of Conduct Bureau.
Implementation of the provisions of the pension reform laws of Lagos state (2007), particularly, the claims made under the Group Life Insurance Scheme and bonds presentation for Retirees under the new Contributory Pension Scheme.