AfriPulse
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.
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.
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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Source: NigerianEye | Read the Full Story…
