The National Pension Commission (PenCom) has acknowledged concerns raised by retirees under the Contributory Pension Scheme (CPS) in Lagos State regarding the implementation of pension increases and wage awards.
In a statement, PenCom said it recognised the importance of ensuring that retirees receive all benefits due to them and noted concerns arising from delays in implementing approved pension adjustments.
The commission disclosed that it has engaged the Lagos State Government and the Lagos State Pension Commission (LASPEC) on issues relating to pension administration under the CPS, including the need to extend appropriate pension adjustments to eligible retirees.
According to PenCom, implementing pension enhancements involves several processes, including determining eligibility, identifying applicable adjustments, assessing actuarial liabilities, securing funding, and providing relevant data and instructions to pension operators.
The commission said it is working with relevant stakeholders to ensure these requirements are properly addressed and pledged to continue discussions with the Lagos State Government, LASPEC, Pension Fund Administrators (PFAs), and pensioners’ representatives.
PenCom added that its objective is to achieve a transparent, orderly and sustainable resolution of the issues while safeguarding the interests of pension contributors and retirees.
The commission also reaffirmed its commitment to exercising its regulatory and supervisory responsibilities in line with applicable pension laws and regulations.
