PenCom Opens Talks With Lagos Over Retirees’ Pension Increase

The National Pension Commission (PenCom) has commenced discussions with the Lagos State Government and the Lagos State Pension Commission (LASPEC) over concerns raised by retirees under the Contributory Pension Scheme (CPS) regarding delays in implementing pension increases and wage awards.

The commission said it understands the concerns of the affected pensioners and is committed to ensuring that eligible retirees receive all benefits legally due to them.

PenCom disclosed that its engagement with the Lagos State authorities is focused on the administration of pensions under the CPS, including the extension of approved pension adjustments to retirees who qualify.

According to the pension regulator, implementing pension increases involves several processes, including determining beneficiaries’ eligibility, establishing the appropriate adjustment, assessing the resulting actuarial liabilities, securing the required funding and providing Pension Fund Operators (PFOs) with the necessary data and directives.

The commission said it is working with the relevant stakeholders to ensure that the requirements are properly addressed and that the implementation process is conducted in an orderly and sustainable manner.

PenCom added that it would continue to collaborate with the Lagos State Government, LASPEC, Pension Fund Administrators (PFAs) and representatives of pensioners to achieve a transparent resolution of the concerns.

The regulator reaffirmed its commitment to protecting the interests of pension contributors and retirees, stressing that it would continue to exercise its regulatory and supervisory responsibilities to ensure compliance with Nigeria’s pension laws and regulations.

The development comes amid concerns among some Lagos retirees over delays in the implementation of pension adjustments and wage awards approved for eligible beneficiaries.

PenCom’s intervention is expected to provide greater clarity on the process and facilitate the implementation of the adjustments once the necessary eligibility, actuarial and funding requirements have been concluded.