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🇳🇬 Nigeria /Economy & Trade

PenCom Assures LASG Retirees of Plans to Address Pension Increase Concerns

From ThisDay · () English

Summarized by DistantNews. Read the original for the full story.

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  • Nigeria’s National Pension Commission said it would work with Lagos State, LASPEC, pension fund operators and retirees to address delays in pension increases and wage awards under the Contributory Pension Scheme.
  • The commission said resolving the issue requires determining eligibility, adjustments, actuarial liabilities, funding and data for pension operators.

Nigeria’s National Pension Commission said it would address concerns from Lagos State retirees over the implementation of pension increases and wage awards under the Contributory Pension Scheme.

PenCom said retirees should receive all benefits legitimately due to them and acknowledged concerns about delays in approved pension adjustments. It said it had engaged the Lagos State Government and the Lagos State Pension Commission on extending appropriate adjustments to eligible retirees.

The commission said implementation requires decisions on eligibility, the applicable adjustments, actuarial liability, funding, and the provision of data and instructions to pension operators. It said it was working with relevant stakeholders to resolve those issues.

“PenCom will continue to work with the Lagos State Government, LASPEC, PFAs, and representatives of pensioners towards a transparent, orderly, and sustainable resolution of the issues,” the commission said. It added that it would continue protecting contributors and retirees while using its regulatory and supervisory powers to enforce pension laws and regulations.

PenCom will continue to work with the Lagos State Government, LASPEC, PFAs, and representatives of pensioners towards a transparent, orderly, and sustainable resolution of the issues.

— National Pension CommissionThe commission described its planned cooperation with state authorities, pension operators and retirees.
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Originally published by ThisDay. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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