By Sam Otuonye
The National Pension Commission (PenCom) has moved to address the concerns expressed by pensioners under the Contributory Pension Scheme in Lagos State regarding the implementation of pension increases and wage awards.
PenCom in a statement on Monday August 31, 2026, said emphasized the importance of ensuring that retirees receive all benefits legitimately due them, noting the concerns arising from delays in the implementation of any approved pension adjustments would be properly addressed.
The statement noted that PenCom has engaged with the Lagos State Government and the Lagos State Pension Commission (LASPEC) on matters related to administering pensions under the CPS, including the need to extend appropriate pension adjustments to eligible CPS retirees.
It explained that implementing pension enhancements involves determining eligibility, applicable adjustments, actuarial liability, funding, and providing relevant data and instructions to the pension operators, noting that PenCom was engaging the relevant stakeholders to ensure that these processes are properly addressed.
“PenCom will continue to work with the Lagos State Government, LASPEC, PFAs, and representatives of pensioners toward a transparent, orderly, and sustainable resolution of the issues.”
The pension regulator reassured its commitment to protecting the interests of pension contributors and retirees and to continue to exercise its regulatory and supervisory mandate to ensure compliance with applicable pension laws and regulations.
