Ondo State Pension Commission (OSPEC)

With OSPEC,

ifeyinti d'rorun

Payment of retirement benefits becomes easier.

We are getting it done!

The Scheme

Definition

The Pension Scheme shall apply to all pensionable employees in the public service of the state – employees of the Local Government councils, tertiary institutions and all parastatals, established by the State Government. The commencement date is 1st September, 2014 and the scheme is applicable to all workers employed from that date.

Objectives

The objectives of the scheme shall be to:
• assist all persons in the employment of the state government to save towards their retirement

• ensure that the person who lives or retires from the public service of the state receives his/her terminal benefits as at when due
• establish a set of rules and regulations for the administration and payment of retirement benefits in the public sector of the state.

Administration

The Ondo State Pension Commission statutorily by law administers the pension scheme in Ondo State. The scheme is regulated at the Federal level by the National pension Commission All operations are subject to audit and parliamentary or regulatory oversight.

The Commission

Establishment

The Ondo State Government Pension Commission was established by Pension Reform Law 2014 and was thereafter amended in 2019.

The principal objectives of the Pension Scheme shall be to regulate, supervise and ensure the effective administration of pension matter in the Ondo State public service in accordance with the provision of Pension Reform Act 2004 as amended in 2014.

Functions

• Regulates and supervise the scheme established under the law
• Register and maintain a list of approved Pension Fund Administrator
• Monitor and ensure that guidelines of the scheme as established by the National Pension Commission are complied with in the state.
• Carry out public awareness, sensitization and education on the establishment and management of the scheme.

Powers

• Formulates, directs and oversees government policies on pension matters in Ondo State in accordance with 2019 Law
• Regulate or call for information from any employer or Pension Fund Administrator, institutions on matters relating to retirement benefits if employees in Ondo State
• Do such other things which in its opinion are necessary to ensure performance of the functions of the commission.

See our Management Team

Our Mission

Partnering with stakeholders to give workers a blissful retirement

Our Vision

Adopting professionalism and promptness in the management of pension funds through wise investment decisions and administration for the benefit of workers during and after retirement.

Core Values - PASTE

 P PROMPTNESS  A ACCOUNTABILITY  S SUSTAINABILITY  T TRANSPARENCY  E EMPATHY

Contributors

All workers employed from 1st September, 2014 are to be captured into the Pension Scheme

Types of Contributions

For public service employees, contributions to the Pension Scheme are made by:

· Employees – A fixed percentage of 8% of pensionable salary

· Government – An employer contribution of 10% of pensionable salary

· Other – Voluntary contributions as applicable

Contribution rates on salary are determined by legislation and may be reviewed periodically.

Retirement Benefits

The normal retirement age is prescribed by law or service regulations. Provisions may exist for:

· Age – 60 years

· Length in service – 35 years

Benefits are:

· 50% lump sum of accrued benefits

· Monthly benefits upon retirement by age or length of service

Watch your contribution growing and yielding.

QUESTIONS?

Do you have any enquiry to make? Click on the button below to get answers to most of your questions. If you are not satisfied, you may send a message to us via the contact link.