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Lagos moves to amend pension reform law

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The Lagos State House of Assembly, through its Committee on Establishments, Training, Pensions and Public Service, yesterday held a-day public hearing on “A Bill for a Law to Amend the Lagos State Pension Reform Law, CAP. L52, Laws of Lagos State, 2015 and CAP 136, Amendment of 2018”.

The Bill under consideration seeks to cater for civil servants by establishing a system that will create wealth for them during their years of service and for their enjoyment after retirement.

In his welcome address, Oluyinka Ogundimu, Chairman of the Committee, describe the public hearing as important to the process of making or repealing any law in the state, adding that for the Bill to be passed, the House of Assembly will always sought the opinions of stakeholders to seek their inputs.

Wasi Eshinlokun-Sanni, Deputy Speaker who presided over the public hearing on behalf of the Speaker of the House, Dr. Mudashiru Obasa, noted that the purpose of the hearing is to encourage open participation and entrench public involvement by directly encompassing Lagosians in the process through the gathering.

Eshinlokun-Sanni added that the 2018 amendment is geared a little more towards the management of the pension’s funds whilst the present amendment as contained in this bill is moved to improve sanctity in the administrative structure and probity in the management of funds.

Giving the overview of the Bill, Majority Leader of the House, Sanai Agunbiade, explained that the proposed bill has 14 amendment sections of the principal Law added to the amended Bill.

“Section 7(1) is inserted to ensure Professors covered by the Universities Miscellaneous provisions (Amendment) Act, 2012 and political appointees whose terms and conditions of appointment so prescribes shall earn 100% of their terminal salary as pension for life”.

He ascertained that Issuance of Letter of Confirmation of Exit in Section 8 of the Principal Law be redrafted as “A Letter of Confirmation of Exist shall be issued by the employer twenty one (21) days prior to the employee’s retirement or exist from the Lagos State Public Service”. Also, section 21 of the Amended 2018 Law is further amended by adding new subsection (2) which states that “indebtedness of contributors cannot be defrayed from the Retirement Savings Account Balance”.

The amendment emanated after experiencing constraints and overlap in the functions; administration of pension in the State, provisions of the Pension Commission Act and Lagos State Pension Commission functions. He said.

Stakeholders reviewed the 14 amended sections of the bill with the lawmakers and made inputs and suggestions.

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