PenCom Assures Lagos Retirees On Implementation Of Pension Enhancements

By Sola Alabadan

The National Pension Commission (PenCom) has assured pensioners under the Contributory Pension Scheme in Lagos State that pension increases and wage awards will be implemented as expected.
Specifically, PenCom stated that 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.
The pension regulator affirmed that it 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.
In view of the fact that implementing pension enhancements involves determining eligibility, applicable adjustments, actuarial liability, funding, and providing relevant data and instructions to the pension operators, PenCom informed that it is engaging the relevant stakeholders to ensure that these processes are properly addressed.
PenCom further assured that it would 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 stressed that it 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.