Lagos State Government scored another plus in Pension Scheme Administration in the Country by being the first State Government to issue Electronic Identification Cards to retirees under the Contributory Pension Scheme (CPS)
A statement by Mrs. Ajoke Lawal of Public Affairs Unit, Lagos State Pension Commission (LASPEC) said,
‘‘the Commissioner for Establishments, Training and Pensions, Dr. Akintola Bension Oke, at the 61st edition of Retirement Benefit Bond Certificate Presentation Ceremony in Lagos, where 146 public service retirees received accrued pension rights of N1.1billion, assured the retirees of the Government’s interest in their welfare.
That promise, he said has now been demonstrated by the issuance of unique identification cards which will give the retirees access to other social welfare benefits apart from being a means of identification
The Director-General of LASPEC, Mrs. Folashade Onanuga, her welcome address at the event, congratulated the retirees who made history by being the first set of retirees to receive the Electronic Identification Cards which will give them access to social amenities provided by the State Government.
She mentioned that His Excellency, Akinwunmi Ambode had promised a better life for retirees and hence had ensured the automation of the Lagos State Pension Commission to enhance service delivery to the workers, adding that the issuance of the Identification Cards is geared towards improving the longevity risk faced by the retirees as they advance in age.
She stated that the Identification Cards which will be issued to all retirees in Lagos State Public Service including Parastatals of Government & Local Government Councils will reflect details of the pension plan by each retiree and who the provider of pension benefits was.
The Smart Card, she noted is also designed to give the Commission an electronic monitoring of the activities of the pension providers. According to the Director General “If your pension is paid either through the programmed Withdrawal option offered by Pension Fund Administrators or through Annuity for life offered by Life Assurance Companies, we will from the confines of our Office, using your identification number, be able to monitor whether the Pension Providers are living up to expectation.
“We remain committed to your welfare and will keep on developing a robust pension structure in Lagos State Public Service”
She thereafter advised the retirees who had just received their Retirement Bond Certificates to be careful and exercise wisdom in the investment choices they make considering the fact that many fraudsters abound who want to reap where they did not sow.
She drew their attention to the fact that the ‘higher the returns offered, the higher the risks. ‘As a retiree, you do not need to expose yourself to risks that will predispose you to heart problems which could result in heart failure’, she concluded.
Technology is redefining the way we do business and the insurance industry is not left out of this disruptive change especially with the growth of Insur-Tech companies leveraging on best-in-class technologies to simplify the product life cycle for consumers.
As part of its corporate mission to develop the industry, Africa Re is launching Insur-Tech Challenge, an initiative which aims at identifying, promoting and rewarding technology companies especially start-ups owned by Africans or built by individuals resident in Africa that are solving some of the identified challenges in the insurance value chain.
This initiative is part of the current African Insurance Awards program and its grand finale will hold at a gala dinner during the annual conference of the African Insurance Organization (AIO) in Johannesburg – South Africa on 10 June 2019.
Insur-Tech Challenge is a new category of the African Insurance Awards. It is targeted at non-insurers that are collaborating with insurers to improve their customer service delivery, product development and overall innovation all around Africa.
The top 3 shortlisted companies will be offered a platform to meet the insurance industry. The winner will get a cash prize of US$20,000. Interested participants should visit the website of the initiative for more information at the window to submit applications is opened from 18 February to 30 April 2019.