The National Pension Commission has begun discussions with the Lagos State Government and the Lagos State Pension Commission over concerns surrounding pension adjustments and benefits for retirees under the Contributory Pension Scheme.
The development followed a protest by retirees in Lagos who demanded the implementation of approved pension increases, wage awards and the payment of outstanding benefits.
PenCom, in a statement, said it recognised the concerns of retirees and was engaging relevant stakeholders to address issues affecting eligible beneficiaries.
The commission explained that implementing pension adjustments under the Contributory Pension Scheme involves several stages, including determining eligibility, calculating financial liabilities, securing funding and issuing operational guidelines to Pension Fund Administrators.
It also assured retirees that discussions were ongoing with the Lagos State Government, LASPEC, PFAs and representatives of pensioners to find a transparent and sustainable solution.
Lagos has remained one of the states with a strong record of implementing the Contributory Pension Scheme. Official figures from LASPEC show that the state has paid about N168.2bn in accrued rights to more than 48,000 retirees since the scheme began in 2007.
Despite this record, retirees have continued to express concerns over delays in implementing recent wage-related pension adjustments.
Under the Contributory Pension Scheme, such adjustments require additional funding and actuarial calculations before the affected pension accounts can be credited.
PenCom said it would continue to supervise the pension system and ensure compliance with the Pension Reform Act 2014 while working with stakeholders to resolve the outstanding issues.
