PenCom moves to address delayed benefits for Lagos retirees

The National Pension Commission (PenCom) has initiated talks with the Lagos State Government and the Lagos State Pension Commission (LASPEC) to tackle delays in pension increases and wage awards for retirees under the Contributory Pension Scheme (CPS). PenCom revealed this in a statement on Monday, following complaints from Lagos pensioners regarding the lag in implementing approved adjustments to their retirement benefits.

The issue escalated as pensioners from the Nigeria Union of Pensioners and the CPS held a protest outside Lagos House and the state House of Assembly in Ikeja, calling for the implementation of pension hikes, wage awards, outstanding arrears, and other benefits. Police presence at the protest led to the deployment of tear gas to disperse some demonstrators.

PenCom acknowledged the significance of ensuring retirees receive their deserved benefits and expressed concern over delays in implementing pension adjustments. The pension regulator is currently engaged with the Lagos State Government and LASPEC to handle the administration of pensions under the CPS, particularly the timely extension of relevant adjustments to eligible retirees.

Implementing pension increases under the CPS entails multiple steps, including identifying eligible retirees, determining applicable adjustments, calculating actuarial liabilities, and identifying funding requirements. PenCom also highlighted that it is working with relevant stakeholders to ensure the resolution of outstanding processes.

However, the commission did not offer a timeline for the completion of these engagements or when affected retirees might receive their pension increases and wage awards. PenCom emphasized its commitment to protecting the rights of pension contributors and retirees, vowing to uphold its regulatory and supervisory role in ensuring pension obligations align with existing laws.