THE Pension Board of Trustees at Lagos State University has conducted its second sensitisation lecture series on retirement planning for staff members anticipated to retire within the next five years (2024-2028). The event took place on Wednesday, May 15, 2024, at the Aderemi Makanjuola Lecture Theatre, Ojo, Lagos
The Chairman of the LASU Pension Board of Trustees and Deputy Vice-Chancellor (Administration), Prof. Adenike O. Boyo, was represented by Mrs Olajumoke O. Boyejo, Deputy Registrar of the Directorate of General Administration, Archival & Legal Affairs. In her opening remarks, she commended the University Management for prioritising retirement planning and assisting staff members in preparing for their post-service years.
The objective of the sensitisation lecture was to equip staff members with vital information and guidance to navigate the retirement process successfully. Prof. Ibiyemi Olatunji-Bello, Vice-Chancellor of LASU, expressed her appreciation to the Pension Board of Trustees for organising the event and emphasised the importance of ensuring accurate records with the Pension Fund Administrators (PFAs), verifying details such as names, ages, and signatures, and regularly updating next of kin information.
Dr Babatunde Raimi, the first resource person, delivered a lecture on "Inflation and Retirement Plans." He emphasised the significance of strategic and secure investments, conducting thorough research before making investment decisions, increasing investments over time to counteract the impact of inflation, investing in real estate, maintaining a healthy lifestyle, and considering deferred annuity plans.
The second resource person, Dr Sola Animashaun, spoke on "Will and Next of Kin," highlighting the distinctions between a will and funeral instructions. He stressed the importance of having a valid will, managing deceased employees' terminal benefits, and distinguishing between next of kin and beneficiaries.
The third resource person, Prof. Akinwunmi Onafalujo, spoke on "When Tomorrow Comes: Need to Know." He underscored the importance of retirement planning in preventing old-age poverty and maintaining living standards during retirement. Prof. Onafalujo discussed different types of insurance annuities and the difference between physical and financial investments and advised individuals above 60 to shift towards indirect/financial investments for better risk management and pension support.
The event concluded with a vote of thanks from Mr W. B. Lawal, Deputy Registrar of Pensions. Prominent attendees included Mr Samuel Otesanya, representing the Registrar, Mr Taiwo Omoyin, representing the Bursar, and Dr. (Mrs) Omawunmi Makinde, the University Librarian, and other senior staff members.
Similar sessions are scheduled to be held at the Ikeja and Epe campuses on May 23 and May 29, 2024, respectively.
