The National Pension Commission (PenCom) has approved new rules allowing Nigerians abroad and foreign workers in Nigeria to contribute to pension funds in foreign currency.
The new regulations apply to Nigerians living and working abroad and employees of foreign companies and international organisations in Nigeria not covered by the Pension Reform Act 2014.
According to the regulation, foreign currency pension contributors will receive their retirement benefits in dollars, either through en bloc payment or programmed withdrawal.
The commission said Nigerians and foreigners working in Nigeria for foreign companies and international organisations can access their pensions upon reaching the age of 50 or on health grounds.
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The regulation said the contributors will be required to provide duly completed withdrawal forms, valid means of identification such as an international passport, NIN slip, driver’s licence or voter’s card, and any other documentation as specified by the commission.
PenCom also said contributors who prefer to receive their benefits in naira will be allowed to do so.
For deceased or missing persons, the agency said the pension fund administrator will pay the benefits in line with the requirements under the revised regulation for the administration of retirement and terminal benefits.
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The commission also introduced new withdrawal conditions for foreign currency pension contributors under the revised guidelines.
According to the policy, withdrawals can only be made six months after the initial contribution and “not more than twice in a year before retirement”.
PenCom added that contributors must also “give notice of 2 working days” before making such withdrawals.
The agency further stated that a foreign pension contributor who joined the scheme under these guidelines after the age of 50 years shall be eligible to access their full contributions as they wish, provided the PFA was notified one month before such withdrawal.
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