PenCom intervenes in Lagos pensioners’ pension increase dispute

The National Pension Commission (PenCom) has moved to address concerns raised by pensioners under the Contributory Pension Scheme (CPS) in Lagos State over delays in implementing approved pension increases and wage awards.
In a statement yesterday, PenCom acknowledged the concerns of the retirees and stressed the need to ensure that pensioners receive all benefits legitimately due to them.
The Commission said it was aware of concerns arising from delays in implementing approved pension adjustments and had engaged the Lagos State Government and the Lagos State Pension Commission (LASPEC) on the matter.
PenCom said the discussions included the need to extend appropriate pension adjustments to eligible retirees under the CPS.

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“Implementing pension enhancements involves determining eligibility, applicable adjustments, actuarial liability, funding, and providing relevant data and instructions to the pension operators.
“PenCom is engaging the relevant stakeholders to ensure that these processes are properly addressed,” the Commission said.
It added that it would continue working with the Lagos State Government, LASPEC, Pension Fund Administrators (PFAs) and pensioners’ representatives to achieve a transparent, orderly and sustainable resolution.
“PenCom remains committed to protecting the interests of pension contributors and retirees and will continue to exercise its regulatory and supervisory mandate to ensure compliance with applicable pension laws and regulations,” it assured.

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