PenCom Addresses Lagos Retirees’ Concerns Over Pension Increases

By LOVETH-AZODO CHIJIOKE, LAGOS

The National Pension Commission (PenCom) has acknowledged concerns raised by retirees under the Contributory Pension Scheme (CPS) in Lagos State over the implementation of pension increases and wage awards.

PenCom, in a statement, said it recognised the importance of ensuring that retirees receive all benefits legitimately due to them, while acknowledging concerns arising from delays in implementing approved pension adjustments.

The Commission disclosed that it had engaged the Lagos State Government and the Lagos State Pension Commission (LASPEC) on issues relating to the administration of pensions under the CPS, including the need to extend appropriate pension adjustments to eligible retirees under the scheme.

According to PenCom, the implementation of pension enhancements requires the determination of eligibility, applicable adjustments, actuarial liability, funding, as well as the provision of relevant data and instructions to Pension Fund Administrators (PFAs).

It said it was engaging relevant stakeholders to ensure that the necessary processes were properly addressed.

“PenCom will continue to work with the Lagos State Government, LASPEC, PFAs, and representatives of pensioners toward a transparent, orderly, and sustainable resolution of the issues,” the Commission stated.

The regulator reaffirmed its commitment to protecting the interests of pension contributors and retirees, adding that it would continue to exercise its regulatory and supervisory mandate to ensure compliance with applicable pension laws and regulations.