PenCom Opens Pension Scheme to Nigerians Abroad, Self-Employed Workers
Nigerians living and working outside the country may now have a new way to build retirement savings through Nigeria’s Contributory Pension Scheme (CPS), following a fresh initiative by the National Pension Commission (PenCom).
The commission said its new approach is designed to make the pension system more accessible to Nigerians whose employment situations do not fit the traditional employer-employee model.
PenCom Director-General, Omolola Oloworaran, disclosed this while speaking at the 2026 Customer Service Week seminar in Abuja. She said the reforms were part of the commission’s broader “Pension 2.0” agenda, which focuses on inclusion, innovation and stronger protection of pension assets.
A major part of the reform is the introduction of guidelines for Retirement Savings Accounts (RSAs) in foreign currency. The framework allows Nigerians employed by foreign companies and those working abroad to participate in the CPS.
According to PenCom, the move reflects the changing nature of employment as more Nigerians work for international companies or build careers outside the country. It is also expected to expand the pool of long-term retirement savings available within the pension system.
The commission is simultaneously looking inward, with plans to increase pension participation among self-employed Nigerians and workers in the informal sector.
Through the Personal Pension Plan (PPP), individuals who do not have conventional employers can independently enrol and contribute towards retirement. PenCom has also created a framework for accredited pension agents who will take these services to communities that have traditionally had limited access to pension products.
Beyond expanding coverage, the commission said it is strengthening the pension industry itself. Revised corporate governance guidelines and recapitalisation requirements have been introduced for licensed pension fund operators, with the aim of improving their resilience and strengthening the protection of pension assets.
PenCom also plans to improve the experience of contributors and retirees through better digital access to pension services and simpler compliance processes for employers.
The reforms come amid calls from pensioners for closer engagement with the commission. National Chairman of the Nigeria Union of Pensioners, Contributory Pension Scheme Sector, Sylva Nwaiwu, pointed to developments including the payment of pension increase backlogs, restoration of regular payment of accrued pension rights, pension enhancements, the PENCARE healthcare initiative and the expansion of micro-pension coverage.
He, however, urged PenCom to maintain stronger communication with pensioners and address outstanding concerns affecting beneficiaries.
The commission's customer service push was also backed by SERVICOM, which called on PenCom personnel to make responsiveness, empathy and accountability part of their everyday work rather than limiting them to customer service campaigns.
With the latest reforms, PenCom is seeking to move Nigeria's pension system beyond its traditional focus on formal employees and create a system that can accommodate Nigerians abroad, self-employed workers and others operating outside conventional employment structures.
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