The National Pension Commission (PenCom) has unveiled new guidelines on foreign currency pension contributions as part of its Pension Revolution 2.0 initiative aimed at strengthening the pension system.
The announcement was made by PenCom Director General, Omolola Oloworaran, via her X (Twitter) account in Abuja on Wednesday.
She noted that PenCom is actively launching new initiatives daily to elevate standards across key areas of the pension sector.
Ms. Oloworaran explained that the foreign currency pension contributions guidelines establish a pension framework under the contributory pension scheme for Nigerians living and working abroad.
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Additionally, Nigerian and foreign workers employed in Nigeria who receive all or part of their salaries in foreign currencies, along with other eligible individuals, will be able to make their contributions in dollars.
She mentioned that contributors will also receive their benefits in dollars unless they choose otherwise.
According to her, the introduction of the foreign currency pension contribution guidelines, which are being released for the first time, represents a significant milestone for expanding pension coverage and promoting financial inclusion.
The director general emphasized that this initiative is a significant reform that demonstrates PenCom’s commitment to ensuring retirement security for all working Nigerians, regardless of their location.
