By Oluwakemi Kindness
The National Pension Commission (PenCom) has opened discussions with the Lagos State Government and the Lagos State Pension Commission (LASPEC) over delays in implementing pension increases for retirees under the Contributory Pension Scheme.
The commission said in a statement on Monday that it began the engagement following concerns from pensioners over outstanding pension adjustments and wage awards.
PenCom acknowledged the concerns of affected retirees and said it was working with the relevant authorities to resolve the delays.
The commission said implementing the pension increases requires authorities to identify eligible retirees, calculate the applicable adjustments and determine the financial obligations involved.
It added that the process also requires adequate funding, accurate pensioner records and formal instructions to Pension Fund Administrators before the adjustments can take effect.
PenCom said it would continue discussions with the Lagos State Government, LASPEC, PFAs and representatives of pensioners to resolve outstanding issues.
The commission said it would manage the process transparently and sustainably while ensuring that eligible retirees receive the appropriate adjustments.
PenCom also reaffirmed its commitment to protecting the interests of pension contributors and retirees and enforcing compliance with pension laws and regulations.
