PenCom Expands Pension Scheme to Diaspora and Self-Employed

The National Pension Commission (PenCom) is expanding participation in the Contributory Pension Scheme (CPS) to include Nigerians in the diaspora, self-employed individuals, and informal sector workers as part of its Pension 2.0 reforms. Director-General Omolola Oloworaran announced these changes during the 2026 Customer Service Week seminar.

The reforms include the Guideline on the Administration of Retirement Savings Accounts in Foreign Currency, allowing Nigerians abroad to participate in the CPS. Additionally, the Guideline on the Personal Pension Plan aims to incorporate self-employed and informal sector workers into the pension system.

PenCom is also developing a framework for accredited pension agents to market the Personal Pension Plan nationwide. Other reforms include revised corporate governance guidelines for Licensed Pension Fund Operators and new recapitalization requirements.

Oloworaran emphasized that Pension 2.0 focuses on transforming customer experience, ensuring contributors can access their retirement savings efficiently and transparently.