Commissioner explains Lagos Pension Law

By Fredrick Okopie

The  Commissioner for  Establishment, Training and Pensions, Dr. Akintola Benson Oke, says  Section 7 of the Lagos State Contributory Pension Scheme Law of 2007 recognises annuities as one of the investment options to which retirement savings account can be put, because annuities represent a responsible and effective tool that ensures the availability of funds to pensioners in a regular and prudent manner.

He made this known during the occasion of the  conferment of 2017 excellence award by the Business Today Organisation, held under the theme, The current annuity fund arrangement: A threat or blessing to insurers.

Benson -Oke,  a recipient of this year’s award said that  when  he was appointed by Mr. Akinwunmi Ambode, the Executive Governor of Lagos State as a Commissioner to steward the affairs of the Lagos State Ministry of Establishments, Training and Pensions, he solemnly resolved to do all within his powers to prioritize the welfare and interests of pensioners in the Lagos State Public Service. Since then, the ministry and the Lagos State Pension Commission have been doggedly pursuing this resolve and have, within limited resources, innovated to ensure the prompt payment of the government’s pension obligations.

According to him,  “Without a doubt, prioritizing pensioners’ welfare has both moral, economic, strategic, and social ramifications. Indeed, it is only such a holistic view of the subject that can put the efforts directed at its management and promotion in perspective. On a moral pedestal, I have always said that all persons of goodwill ought to pause and reiterate that it is morally reprehensible for any employer to neglect or refuse to plan and cater for the retirement benefits of its employees who gave the prime of their active years to the employing institution.”

He concluded that the  Business Today Organisation has consistently shown interest in promoting pension management in Nigeria by identifying and honouring regulators and captains of the industry. Adding that “ I am honoured and humbled by the decision to confer the 2017 Excellence Award on me”.

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