By peace Udugba
Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its support for the National Pension Commission’s (PenCom) recent reforms aimed at promoting flexibility, inclusion, and global access within Nigeria’s pension system.
The new regulatory framework introduces two distinct pension options — the Personal Pension Plan (PPP) and Foreign Currency (FCY) Pension Contributions — designed to empower Nigerians to save for retirement in ways that reflect their dynamic work patterns and income sources.
The Personal Pension Plan (PPP), previously known as the Micro Pension Plan, enables self-employed individuals and informal sector workers to build retirement savings at their own pace. It also allows formally employed individuals to make additional voluntary contributions beyond the mandatory scheme.
Participants in the PPP can contribute as they earn, make partial withdrawals of up to 50% after three months of their initial deposit, and choose from flexible investment options aligned with their financial goals. Notably, contributions become tax-free after five years, and contributors can select from conservative or growth funds, giving them greater control over their savings.
The second option, the Foreign Currency (FCY) Pension Contributions framework, allows Nigerians earning in US dollars — both at home and in the diaspora — to make pension contributions in foreign currency. This safeguards contributors’ savings from naira depreciation while providing access to a broader range of global investment opportunities.
Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its support for the National Pension Commission’s (PenCom) new regulatory reforms aimed at enhancing flexibility, inclusion, and global accessibility in Nigeria’s pension industry.
The reforms introduce two key pension options — the Personal Pension Plan (PPP) and Foreign Currency (FCY) Pension Contributions — designed to empower Nigerians to plan for retirement based on evolving work patterns and income sources.
The PPP, formerly known as the Micro Pension Plan, targets self-employed individuals, informal sector workers, and formal sector employees seeking to make additional voluntary contributions. Contributors can save as they earn, withdraw up to 50% of their contributions three months after the initial deposit, and choose investment options tailored to their financial goals. Contributions become tax-free after five years.
The FCY Pension Contributions option enables Nigerians earning in USD, either in Nigeria or abroad, to make pension contributions in foreign currency. Savings can be invested in instruments like Eurobonds, Global Depository Notes, and Exchange-Traded Funds (ETFs). Withdrawals from the contingent portion are allowed after six months, while the retirement portion is preserved long-term. Benefits can be paid in USD or converted to Naira at the contributor’s discretion.
Speaking on the development, Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, praised PenCom’s innovation:
“These enhancements reflect the evolution of Nigeria’s workforce and the increasing global mobility of Nigerians. Stanbic IBTC Pension Managers will continue to help individuals — whether self-employed, salaried, or earning in foreign currency — take full advantage of these opportunities through expert guidance, transparent processes, and a seamless digital experience.”
He added that the company remains committed to promoting financial inclusion, trust, and lifelong retirement planning, ensuring more Nigerians can participate in the pension system — regardless of location or income source.
With over two decades of industry leadership, Stanbic IBTC Pension Managers remains aligned with PenCom’s vision for an inclusive, technology-driven, and globally competitive pension landscape.
