PenCom releases guidelines on foreign currency pension contributions

The National Pension Commission (PenCom) has released guidelines on Foreign Currency (FCY) pension contributions, as part of the pension revolution 2.0, for stronger pension and stronger Nigeria.

The announcement was made by the Director General (D-G) of PenCom, Omolola Oloworaran on her X (Twitter) handle in Abuja on Wednesday.

She said that PenCom was embarking on a wave of rolling out new initiatives daily to enable setting higher standards across critical pillars of the pension endeavour.

Oloworaran said that the FYC guidelines provide a pension arrangement under the Contributory Pension Scheme (CPS), for Nigerian living and working abroad.

Also, Nigerian/Foreign workers working in Nigeria, but earning all or part of their remuneration in foreign currencies and other eligible persons are to make their payment in dollars.

Oloworaran said that the contributors would also access their benefits in dollars, except they elect to do otherwise.

She said that the FCY pension contribution guidelines, which are being issued for the first time, mark a watershed moment for the CPS coverage expansion and financial inclusion drive.

The D-G said that the initiative is a bold reform which shows that PenCom cares about the retirement security of all working Nigerians irrespective of geographical borders.