The National Pension Commission (PenCom) has released new guidelines for Foreign Currency (FCY) pension contributions. The policy expands opportunities for Nigerians at home and abroad under the Contributory Pension Scheme (CPS).
Pension Reform 2.0 Initiative
Announcing the development on her official X (Twitter) handle in Abuja on Wednesday, PenCom’s Director-General, Omolola Oloworaran, said the initiative is part of the ongoing “Pension Revolution 2.0.” She explained that the reform is designed to raise standards and improve participation across the pension sector.
Dollar Pension Contributions
According to Oloworaran, the FCY guidelines will enable Nigerians working overseas, as well as Nigerians and foreign nationals earning in foreign currencies within Nigeria, to make pension contributions in U.S. dollars. She further noted that contributors will also have the option to access their benefits in dollars, unless they prefer to convert them to naira.
Expanding Coverage and Inclusion
She emphasized that this is the first time PenCom is issuing such guidelines. Oloworaran described it as a landmark reform that will expand CPS coverage and boost financial inclusion.
“This initiative is a bold reform that underscores PenCom’s commitment to retirement security for all working Nigerians, regardless of their location,” she stated.
