The National Pension Commission (PenCom) says it is engaging the Lagos State Government and relevant stakeholders to address concerns over delays in implementing pension increases and wage awards for retirees under the Contributory Pension Scheme (CPS).
In a statement on Monday, PenCom acknowledged concerns raised by Lagos pensioners and assured eligible retirees that efforts were underway to ensure they receive benefits legitimately due to them. The commission said discussions with the Lagos State Pension Commission (LASPEC) include extending appropriate pension adjustments to eligible CPS retirees.
PenCom explained that implementing pension enhancements requires determining beneficiaries’ eligibility, applicable adjustments, actuarial liabilities, funding and accurate data, as well as issuing necessary instructions to Pension Fund Operators for implementation.
The commission said it would continue working with the Lagos Government, LASPEC, Pension Fund Administrators and pensioners’ representatives to achieve a transparent, orderly and sustainable resolution. It reaffirmed its commitment to protecting the interests of pension contributors and retirees under the CPS.
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