Request for Expression of Interest (E.O.I) for the Provision of Pension Fund Administration Services to Staff and Retirees of the Lagos State Government at Lagos State Pension Commission

Lagos State Pension Commission

Request for Expression of Interest (E.O.I) for the Provision of Pension Fund Administration Services to Staff and Retirees of the Lagos State Government.

1.     Introduction

Section 7 of the Lagos State Pension Reform Law No. 3 of 19^th March, 2007, stipulates that an employee, being a holder of a Retirement Savings Account under the Contributory Pension Scheme, upon retirement or from the age of 50years, whichever comes later, shall utilize the balance standing in his Retirement Savings Account for either:

(a)     A Programmed Withdrawal Benefit provided by Pension Fund Administrators licensed by the National Pension Commission (PENCOM) or

(b)     Annuity Benefit for life purchased from Life Insurance Companies licensed by the National Insurance Commission (NAICOM)

Pursuant to the above provision, the Lagos State Pension Commission (LASPEC) being desirous of increasing the number of its PFAs, hereby invites Pension Fund Administrators (PFAs) operating in Nigeria, with requisite technical expertise to express interest in the offering of Pension Fund Administration Services to the staff and retirees of Lagos State Government.

To this end, prospective Pension Fund Administrators (PFAs) are required to carefully read this EOI as proposals that do not comply with the terms contained therein will not be considered.

1. Pre- Qualification Requirements For The EOI

The requirements for Pre-Qualification for the EOI are as follows:

1. Evidence of current certification by National Pension Commission (PENCON) for the Company to operate as PFA under the Contributory Pension Scheme
2. Specimen Copy of Manual of Operations
3. Specimen copy of list of documentation required to be completed/submitted by employees at commencement of Contributory Pension Scheme
4. Profile of the company which must include;

• Organizational structure showing functional units/reporting relationship and Curriculum Vitae of key professional staff.
• Outline of the policy on succession plan for key officers
• List of the Company’s Directors, their individual addresses, phone numbers and Curriculum Vitae

1. A copy each of the Company’s Audited Financial Statements for 2010, 2011 and 2012 duly certified by the National Pension Commission
2. Company’s Current rating by approved Rating Agencies
3. Company’s Dividend Policy and payout for the past 5 years
4. Tax Clearance Certificate for 2010, 2011 and 2012.
5. List of major clients (Corporate bodies/Federal/State Governments) to whom pension services are being provided for under the Contributory Pension Scheme which commenced in July, 2004 along with the number of Retirement Savings Accounts (RSAs)
6. Non Refundable processing fee of N500,000.00

3.       Submission of Expression of Interest.

Interested PFAs are required to submit two (2) copies of their EOI with all pages initialed by their authorized representative(s) in a sealed envelope not later than 4.00 pm 21^st May, 2013. The envelope shall bear the following identification clearly written on top left side “EXPRESSION OF INTEREST” and be sent to:

The Director General,

Lagos State Pension Commission,

Plot 2A, Hakeem Balogun way,

Agidingbi, C.B.D, Alausa, Ikeja, Lagos.

Rotimi Adekunle Hussain

Director General

Announcer

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