The National Pension Commission (PenCom) has responded to complaints from pensioners under the Contributory Pension Scheme (CPS) in Lagos State over delays in implementing approved pension increases and wage awards, saying it was working to address the issue.
The Commission, in a statement on Monday, said it recognises the importance of ensuring that retirees receive all benefits legitimately due to them and understands the frustration arising from delays in effecting approved pension adjustments.
PenCom said it has been engaging with the Lagos State Government and the Lagos State Pension Commission (LASPEC) on the administration of pensions under the CPS, including efforts to extend appropriate adjustments to eligible retirees in the state.
According to the Commission, implementing such enhancements requires determining eligibility, calculating applicable adjustments, assessing actuarial liability, securing funding, and issuing relevant data and instructions to pension fund operators.
It said it is engaging the necessary stakeholders to ensure these processes are properly carried out.
PenCom added that it will continue working with the Lagos State Government, LASPEC, Pension Fund Administrators (PFAs) and pensioner representatives to reach a transparent, orderly and sustainable resolution.
The Commission reaffirmed its commitment to protecting the interests of contributors and retirees, stating that it will continue to exercise its regulatory and supervisory mandate to ensure compliance with applicable pension laws.
