PenCom widens pension net to diaspora, self-employed Nigerians

The National Pension Commission (PenCom) has announced plans to broaden its contributory pension scheme to include Nigerians living in the diaspora, as well as self-employed individuals and informal sector workers, as part of its Pension 2.0 reforms. During the commission's 2026 Customer Service Week seminar, PenCom Director-General Omolola Oloworaran revealed these initiatives, highlighting the reforms' focus on innovation, inclusion, and integrity.

Oloworaran emphasized that the new Guideline on the Administration of Retirement Savings Accounts in Foreign Currency would enable Nigerians working abroad to participate in the Contributory Pension Scheme (CPS), thereby supporting the inclusion of Nigerians in the diaspora. Additionally, the Personal Pension Plan initiative aims to bring self-employed and informal sector workers into the pension system, breaking barriers to pension participation and allowing them to build retirement savings irrespective of their income or occupation.

To extend the scheme to underserved groups, PenCom is developing a framework for accredited pension agents who will market the Personal Pension Plan nationwide. The commission has also revised corporate governance guidelines for Licensed Pension Fund Operators and introduced recapitalization requirements to strengthen their financial resilience and safeguard pension assets.

Oloworaran emphasized that the reforms aim to create a more stable, efficient, and competitive pension industry while improving services for contributors and retirees.