The Local Government Staff Pension Board was established by the Oyo State Government vide regulation (4) of the Local Government Staff Pension (Pension Fund) regulation of 1961 W.N.G.N. 31 of 1962. Published as supplement to W.N. Gazattee No. 9 Vol. II of February, 1962.
Date of commencement: 26th September, 1961.
The board is responsible for the processing and payment of retirement benefits to all Local Governments Employees in Oyo State.
By virtue of Decree No. 3 of 1991, the payment of pension and gratuities of Primary School Teachers became the responsility of the Local Government Staff Pension Board and take effects from 1994.
Adopting effective and efficient coordinating mechanism and innovative strategies in processing and payment of terminal benefits to retirees Viz:
- Prompt and adequate payment of pension and gratuities to the pensioners/retirees.
- Receive fund and make payment to pensioners.
- Ensure adequate record keeping and comprehensive pension records.
- Rending of periodic report on the status of the Board on contributions and remittances.
- Capacity building for the Pension Desk Officers, retiring officers and retirees.
- Repositioning of Public Service away from poor service delivery as a result of rigidity to the old order.
- Infusing into the Public Service relevant good management
- Ensuring that Civil Servants are better equipped to cope with the modern trend in governance and emerging needs.
- Blocking all the leakages/wastages/loopholes in the course of conducting government business with a view to reducing the cost of
- Entrenching a new vision geared towards closing critical professional and management skill gap in the service.
- Identifying how best the Public Service can leverage on the expertise, comparative advantage and core competencies of the private sector to improve service delivery.
The Oyo State Local Government Staff Pension Board was established under Regulation 4 of the Local Government Service (Pension Fund) Regulation 1961; Edict No. 10 of 1991 entitled the Local Government amendment Edict and Cap 78 of the Laws of Oyo State 2000.
The Board is headed by the Executive Chairman. Other members of the Board include the Permanent Secretaries of the Ministry of Local Government and Chieftaincy Matters, Establishment and Finance as well as the representative of ALGON and representative of NULGE. The Secretariat is headed by the Secretary. Organogram of Oyo State Local Government Staff Pension Board attached.
- Receipt of evidence of payment and completed pension documents together with credentials both originals and duplicates and personal files from the retiring officer.
- Opening of file and assignment of Identification/File No. to the retiring officer by the relevant Desk Officers.
- Computation of Terminal Benefit for onward transmission to the office of Auditor-General for Local Government for verification and certification by the Desk Officers.
- Final approval of the duly verified and certified computations by the Deputy Secretary.
- Issuance of Pension Certificate by the Secretary.
- Placement of retiree on payroll by the Treasurer of the Board upon due approval in case of retired primary school teachers and respective Local Government in the case of retired Local Government employees.
- Internal control through prepayment cheque by the Internal Auditor and Director of Budget.
- Introduction of independent revenue involving sale of sundry pension documents to retiring Local Government Staff as well as retiring teaching and non-teaching staff of public primary schools in the State.
- Introduction of e-payment for the retired Primary School Teachers pension allowance.
- Implementation of 6%, 15% and 142% Pension Increases for the affected retired Teaching and Non-Teaching Staff of Public Primary Schools in the State in the Year 2014.
- Placement on payroll of retired teaching and non-teaching staff of public primary schools 2011/2012 set who were hitherto not placed on monthly pension.
- Payment of a sum of Four Hundred and Ninety-Eight Million, Four Hundred and Forty-Four Thousand, Eight Hundred and Thirty-Two Naira, Seventy Kobo (₦498,444,832.70) as Gratuity/Death Benefits to retired Local Government Staff and next-of-kins of the deceased pensioners respectively between 2013 – 2015.