The National Pension Commission (PenCom) has opened discussions with the Lagos State Government and the Lagos State Pension Commission (LASPEC) over the implementation of pension increases, wage awards and other outstanding benefits for retirees under the Contributory Pension Scheme (CPS).
The intervention follows a protest by pensioners in Lagos State, who gathered around the Lagos House in Ikeja on Monday to demand the payment of outstanding pension benefits and the implementation of approved adjustments.
The retirees, comprising members of the Nigeria Union of Pensioners and pensioners under the CPS, reportedly called for the implementation of consequential pension adjustments, payment of wage awards and settlement of arrears owed to them.
In a statement issued in response to the development, PenCom said it had commenced engagements with the Lagos State Government and LASPEC to address the concerns raised by the pensioners.
The commission said it recognised the importance of ensuring that retirees receive benefits legitimately due to them, adding that it was aware of concerns arising from delays in implementing approved pension adjustments.
According to PenCom, the process of implementing pension increases under the CPS requires several considerations, including determining the categories of retirees eligible for the adjustments, the applicable rates, actuarial liabilities, funding arrangements, as well as the provision of accurate data and necessary instructions to Pension Fund Administrators (PFAs).
“PenCom has engaged with the Lagos State Government and the Lagos State Pension Commission (LASPEC) on matters related to the administration of pensions under the CPS, including the need to extend appropriate pension adjustments to eligible CPS retirees,” the commission said.
It added that it was working with relevant stakeholders to ensure that the outstanding processes required for the implementation of the adjustments were properly addressed.
The commission said its engagement would involve the Lagos State Government, LASPEC, PFAs and representatives of the pensioners, with the aim of achieving a transparent, orderly and sustainable resolution.
The development comes amid renewed concerns among pensioners over the pace at which approved wage-related adjustments and other benefits are being reflected in pension payments.
PenCom reiterated that it would continue to exercise its regulatory and supervisory responsibilities under the pension laws, while protecting the interests of pension contributors and retirees.
The commission, however, stressed that the implementation of pension enhancements must follow the necessary processes covering eligibility, funding, actuarial assessment and the transmission of relevant information to pension operators.
