PenCom Releases Guidelines On Foreign Currency Pension Contributions

The National Pension Commission (PenCom) has released guidelines guiding Foreign Currency Pension Contributions (FCY).

According to a release sighted on PenCom’s verified X account, the release of the guidelines is part of a new wave of initiatives aimed at helping the commission deliver on its mandate.

“PenCom is embarking on a wave of rolling out new regulations/initiatives daily, setting higher standards across critical pillars of the Pension endeavor”, PenCom states.

The FCY Pension Contributions Guidelines, it states, provides a pension arrangement under the Contributory Pension Scheme (CPS) for Nigerians living & working abroad.

It also covers Nigerian/Foreign workers working in Nigeria but earning all or part of their remuneration in foreign currency.

According to the new directive, the pension contributions by Diaspora Nigerians and other eligible persons are to be made in Dollar.

In the same vein, contributors will also access their benefits in Dollar except they elect to do otherwise.

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“The FCY Pension Contributions Guidelines, which are now being issued for the first time, mark a watershed moment for the CPS coverage expansion and financial inclusion drive.

“It is a bold reform which shows that PenCom cares about the retirement security of all working Nigerians irrespective of geographical borders!”, the commission added.

The Eagle reports that Ms Omolola Oloworaran who heads the National Pension Commission (PenCom) as Director-General was appointed on 13 July 2024, by President Bola Tinubu.

Before then, she had had an illustrious career with FirstBank Nigeria, on various capacities.