National Pension Commission expands scheme to diaspora and self-employed

The National Pension Commission (PenCom) is expanding the Contributory Pension Scheme (CPS) to include Nigerians living in the diaspora, self-employed individuals, and workers in the informal sector. This expansion is part of the commission’s ‘Pension 2.0’ reforms, which aim to improve access to retirement savings through innovation and inclusion.

Key regulatory updates include a new guideline for the administration of retirement savings accounts in foreign currency. This framework is intended to support Nigerians working abroad or for foreign companies. Additionally, the commission has introduced the Personal Pension Plan to help self-employed and informal sector workers build retirement savings regardless of their occupation or income level.

To reach underserved groups, PenCom has developed a framework for accredited pension agents to market the Personal Pension Plan across the country. The commission has also issued revised corporate governance guidelines and introduced recapitalization requirements for Licensed Pension Fund Operators to strengthen financial resilience.