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 providing pension increases and wage awards to retirees under the Contributory Pension Scheme (CPS). The initiative was prompted by pensioners' protests in Lagos, where they demanded the implementation of approved pension adjustments and addressed concerns over delayed benefits.

PenCom acknowledged the significance of retirees receiving their entitled benefits and expressed appreciation for the concerns raised regarding the delays in pension adjustments. The regulator explained that implementing pension enhancements involves several processes, including determining eligibility, calculating actuarial liabilities, and providing necessary data to Pension Fund Administrators.

However, PenCom has not offered a specific timeline for resolving the matter or when affected retirees can anticipate the implementation of pension increases and wage awards. The commission emphasized its commitment to protecting the interests of pension contributors and retirees and maintaining its regulatory and supervisory role in ensuring compliance with pension laws and regulations.