PenCom engages Lagos govt over pension increases for CPS retirees

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

In a statement issued on Monday, PenCom 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 said it had engaged with the Lagos State Government and the Lagos State Pension Commission (LASPEC) on matters relating to the administration of pensions under the CPS, including the need to extend appropriate pension adjustments to eligible CPS retirees.

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

The commission said it was engaging 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 toward a transparent, orderly, and sustainable resolution of the issues,” the commission said.

PenCom reiterated 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.