The National Pension Commission (PenCom) says discussions are ongoing with the Lagos State Government over concerns surrounding pension increases for retirees under the Contributory Pension Scheme (CPS).
This is contained in a statement issued by the commission in Abuja on Monday.
PenCom said it recognised the concerns raised by Lagos State pensioners over delays in implementing approved pension adjustments and wage awards.
The commission assured retirees that efforts were being made to ensure eligible beneficiaries received all benefits legitimately due to them.
PenCom said it had engaged the state government and Lagos State Pension Commission (LASPEC) on administering pensions under the CPS.
It said discussions included extending appropriate pension adjustments to eligible CPS retirees in the state.
According to the commission, implementing pension enhancements requires determining eligibility, applicable adjustments, actuarial liabilities, funding and relevant data.
It said it also requires providing necessary instructions to Pension Fund Operators (PFOs) for effective implementation of approved adjustments.
PenCom said it was engaging relevant stakeholders to ensure the required processes were properly addressed and implemented.
The commission said it would continue working with the state government, LASPEC, Pension Fund Administrators (PFAs) and pensioners’ representatives.
PenCom said that the collaboration was aimed at achieving a transparent, orderly and sustainable resolution of the issues.
The commission reaffirmed its commitment to protecting the interests of pension contributors and retirees under the CPS.
It also pledged to continue exercising its regulatory and supervisory mandate to ensure compliance with applicable pension laws and regulations.
