The Lagos State Governor, Mr. Akinwumi Ambode, has approved the appointment of Four (4) Pension Fund Administrators in addition to the existing six (6) PFAs whose services are already being used in the State as part of efforts to ensure efficient and effective Pension Scheme.
According to a statement issued by the Head of Service, Mrs. Folashade Jaji the additional Administrators would pave the way for competition and facilitate the evolvement of quality, investible products through which the pension assets can be invested safely, with high returns for the contributors.
It stated further that the appointment of the new PFA is part of the present administration’s initiatives on new guidelines, regulations codes and rules that would enhance the operations of the scheme.
“In as much as Pension contributions are given a first line charge treatment against the State’s Consolidated revenue, it is worthwhile for this administration, which is a people oriented one, to make sure that Pensioners live in peace and comfort, having spent the better part of their lives in active service”, the statement added.
The newly appointed Four (4) Pension Fund Administrators (PFAs) are – the Premium Pension Managers Limited; Pension Alliance Limited; AIICO Pension Manager Limited and Fidelity Pension Manager Limited.
The statement, however, noted that all Public/Civil Servants are at liberty to choose from any of the recognized 10 PFAs in the State.