PenCom unveils guidelines for foreign currency pension contributions

The National Pension Commission (PenCom) has issued new guidelines on foreign currency (FCY) pension contributions, introducing fresh reforms under its “Pension Revolution 2.0” initiative aimed at strengthening Nigeria’s pension system.

PenCom’s Director-General, Omolola Oloworaran, announced the development on Wednesday via her X handle in Abuja.

She said the Commission was rolling out new initiatives daily to raise standards across critical aspects of the pension industry.

According to her, the FCY guidelines provide a framework within the Contributory Pension Scheme (CPS) for Nigerians living and working abroad, as well as Nigerians and foreign workers in the country who earn all or part of their remuneration in foreign currency.

Under the arrangement, contributions are to be made in U.S. dollars, while contributors will also be able to access their retirement benefits in dollars—unless they choose otherwise.

Oloworaran described the FCY guidelines, issued for the first time, as a “watershed moment” in expanding CPS coverage and advancing financial inclusion.

“This initiative is a bold reform which demonstrates that PenCom cares about the retirement security of all working Nigerians, irrespective of geographical borders,” she said.