Business and Economy
PenCom engages Lagos authorities to resolve pension increase delays.
The National Pension Commission (PenCom) has intervened in concerns raised by pensioners under the Contributory Pension Scheme (CPS) in Lagos State over delays in implementing approved pension increases and wage awards.
In a statement addressing the concerns, the Commission said it recognised the importance of ensuring that retirees receive all benefits legitimately due to them, while acknowledging concerns arising from delays in implementing pension adjustments.
PenCom said it had engaged the Lagos State Government and the Lagos State Pension Commission (LASPEC) on issues concerning the administration of pensions under the CPS, including the extension of appropriate pension adjustments to eligible retirees.
The development comes amid concerns among Lagos State pensioners over the implementation of pension enhancements and other adjustments applicable to retirees under the contributory scheme.
According to PenCom, the implementation of pension increases is not automatic, as it requires several technical and administrative steps to establish eligibility and determine the applicable adjustments.
The Commission explained that the process involves determining eligibility, establishing the applicable level of adjustment, assessing the resulting actuarial liability, securing funding, and providing pension operators with the relevant data and instructions required for implementation.
PenCom said it was engaging relevant stakeholders to ensure that these processes were properly addressed and that the concerns of affected retirees were handled appropriately.
It added that it would continue working with the Lagos State Government, LASPEC, Pension Fund Administrators (PFAs) and representatives of pensioners towards achieving a transparent, orderly and sustainable resolution.
The Commission stressed that its intervention was consistent with its regulatory and supervisory responsibilities under Nigeria’s pension framework.
PenCom further reaffirmed its commitment to protecting the interests of both pension contributors and retirees, saying it would continue to exercise its mandate to ensure compliance with applicable pension laws and regulations.
The Commission’s intervention signals an effort to bring the Lagos pension authorities, pension operators and retirees to a common understanding on the implementation of the disputed adjustments, particularly the determination of eligible beneficiaries, funding obligations and the instructions required for payment.
PenCom, however, did not announce an immediate payment date in its statement but said its engagement with the relevant authorities and stakeholders would continue towards resolving the outstanding issues.