PenCom Collaborates with Lagos on Pension Adjustments

The National Pension Commission (PenCom) has initiated discussions with the Lagos State Government and the Lagos State Pension Commission (LASPEC) concerning the administration of benefits under the Contributory Pension Scheme (CPS). This engagement follows public demonstrations by retirees, organized by the Nigeria Union of Pensioners, who demanded the implementation of pension increments, wage awards, and the clearance of outstanding pension benefit arrears.

PenCom acknowledged the hardship caused by delays in implementing approved adjustments and emphasized the complexity of extending pension enhancements under the CPS framework. The Commission stated it is working closely with the Lagos State Government, LASPEC, Pension Fund Administrators (PFAs), and union representatives to achieve a sustainable resolution.

Despite Lagos State's high compliance record under the CPS, the delay in extending recent wage awards and pension adjustments has been contentious. Since the CPS's inception in 2007, Lagos State has disbursed N168.2 billion to over 48,000 retirees, with Governor Babajide Sanwo-Olu's administration disbursing over N92 billion to more than 25,000 retirees between May 2019 and mid-2026.