PenCom to Address Pension Increase Concerns for LASG Retirees

The National Pension Commission (PenCom) has committed to addressing concerns raised by pensioners under the Contributory Pension Scheme (CPS) in Lagos State regarding pension increases and wage awards. PenCom acknowledged the importance of ensuring that retirees receive all benefits legitimately due to them and recognized the concerns stemming from delays in implementing approved pension adjustments.

In a recent statement, PenCom indicated that it has engaged with the Lagos State Government and the Lagos State Pension Commission (LASPEC) to discuss the administration of pensions under the CPS, emphasizing the need to extend appropriate pension adjustments to eligible retirees. The commission outlined that implementing pension enhancements involves determining eligibility, applicable adjustments, actuarial liability, funding, and providing relevant data and instructions to pension operators.

PenCom affirmed its commitment to collaborating with the Lagos State Government, LASPEC, Pension Fund Administrators (PFAs), and pensioners' representatives to ensure a transparent and sustainable resolution of these issues while protecting the interests of pension contributors and retirees.