The National Pension Commission (PenCom) has unveiled new guidelines allowing Nigerians abroad and foreign currency earners to make pension contributions in dollars and withdraw benefits in the same currency, expanding access to the Contributory Pension Scheme (CPS).
The National Pension Commission (PenCom) has issued new guidelines permitting Nigerians in the diaspora and workers earning in foreign currency to make pension contributions in U.S. dollars.
Announcing the initiative on X, Director General Omolola Oloworaran said the Foreign Currency (FCY) Pension Contributions Guidelines form part of PensionRevolution2.0, aimed at expanding coverage of the Contributory Pension Scheme (CPS).
“The FCY Pension Contributions Guidelines provide a pension arrangement under the CPS for Nigerians living and working abroad and Nigerian/foreign workers in Nigeria earning in foreign currency,” she stated.
Contributors will fund their Retirement Savings Accounts (RSAs) in dollars and may also access their benefits in the same currency unless they opt otherwise.
Describing the move as “a watershed moment,” Oloworaran said PenCom was “setting higher standards across critical pillars of the pension endeavour.”
The framework requires contributors to open RSAs with approved Pension Fund Administrators and make daily, weekly or monthly dollar remittances via domiciliary or non-resident accounts.
Notably, 60 percent of contributions will remain withdrawable before retirement while 40 percent will be reserved strictly for pension.