PenCom Assures LASG Retirees of Plans to Address Pension Increase Concerns

EbereNwoji

The National Pension Commission (PenCom) said it would address the concerns expressed by pensioners under the Contributory Pension Scheme (CPS) in Lagos State regarding the implementation of pension increases and wage awards.

PenCom said it recognised the importance of ensuring that retirees receive all benefits legitimately due to them and appreciated the concerns arising from delays in the implementation of any approved pension adjustments.

The commission in a recent statement to the media, said it 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.

According to the commission, implementing pension enhancements involves determining eligibility, applicable adjustments, actuarial liability, funding, and providing relevant data and instructions to the pension operators. 

PenCom said it was engaging the relevant stakeholders to ensure that these processes were properly addressed.

“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,” it said.