The National Pension Commission (PenCom) has assured retirees under the Contributory Pension Scheme (CPS) in Lagos State that efforts are underway to resolve issues surrounding the delayed implementation of pension increases and wage awards.
The commission, in a statement, acknowledged the concerns of pensioners over outstanding adjustments and reaffirmed its commitment to ensuring that retirees receive all benefits due to them. PenCom noted that it recognises the financial significance of pension payments to retired workers and understands the frustrations arising from prolonged delays.
According to the commission, discussions have been ongoing with the Lagos State Government and the Lagos State Pension Commission (LASPEC) to address matters relating to the administration of pensions under the CPS. The engagements, it said, include consideration of pension enhancements and the extension of approved adjustments to eligible retirees.
PenCom explained that implementing pension increases involves several technical processes, including determining eligibility, calculating applicable adjustments, assessing actuarial liabilities, establishing funding arrangements and providing the necessary data and directives to pension operators. These steps, it noted, require collaboration among key stakeholders to ensure transparency and sustainability.
The commission stated that it remains committed to working closely with the Lagos State Government, LASPEC, Pension Fund Administrators (PFAs) and pensioners’ representatives to achieve an orderly resolution of the issues.
“PenCom will continue to work with the Lagos State Government, LASPEC, PFAs, and representatives of pensioners towards a transparent, orderly, and sustainable resolution of the issues. PenCom remains committed to protecting the interests of pension contributors and retirees and will continue to exercise its regulatory and supervisory mandate to ensure compliance with applicable pension laws and regulations,” the statement read.
The assurance comes in the wake of recent protests by pensioners in Lagos who demanded the immediate implementation of outstanding pension increases, wage awards and other benefits. The retirees had expressed concerns over the impact of rising living costs on their welfare and called for urgent government intervention.
PenCom’s intervention is expected to provide a platform for continued engagement aimed at resolving the concerns of affected retirees and improving confidence in the pension administration system.
