National Pension Commission (PenCom) has announced the introduction of new guidelines permitting Nigerians residing abroad, as well as foreign employees of international organisations and companies operating in Nigeria, to contribute to pension funds in foreign currencies.
Gatekeepers News reports that under the regulation, contributors in foreign currency will have the option of receiving their retirement benefits in dollars, either through a lump-sum payment or programmed withdrawal.
PenCom noted that Nigerians and expatriates working in Nigeria for international organisations can access their pensions upon reaching the age of 50 or on health grounds.
The regulation further stipulates that contributors must present duly completed withdrawal forms, alongside valid identification such as an international passport, NIN slip, driver’s licence, or voter’s card, in addition to any other documentation required by the commission. PenCom also clarified that those who prefer to receive their benefits in naira will be allowed to do so.
For deceased or missing contributors, the commission explained that pension fund administrators would process benefits in line with the requirements under the revised regulation for the administration of retirement and terminal benefits.
The revised policy also introduces fresh conditions for withdrawals. According to PenCom, withdrawals may only be made six months after the initial contribution and not more than twice in a year before retirement. The commission added that contributors must also give notice of 2 working days before such withdrawals.
Additionally, the guidelines state that foreign pension contributors who joined the scheme after the age of 50 may access the entirety of their contributions at will, provided their Pension Fund Administrator (PFA) is informed at least one month in advance.
