The National Pension Commission (PenCom) acknowledges the concerns expressed by pensioners under the Contributory Pension Scheme (CPS) in Lagos State regarding the implementation of pension increases and wage awards.
PenCom recognises the importance of ensuring that retirees receive all benefits legitimately due to them and appreciates the concerns arising from delays in the implementation of any approved pension adjustments.
PenCom has engaged with the Lagos State Government and the Lagos State Pension Commission (LASPEC) on matters related to administering pensions under the CPS, including the need to extend appropriate pension adjustments to eligible CPS retirees.
Implementing pension enhancements involves determining eligibility, applicable adjustments, actuarial liability, funding, and providing relevant data and instructions to the pension operators. PenCom is engaging the relevant stakeholders to ensure that these processes are 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.
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.
