For years, many Nigerians working in the informal sector, and millions more living abroad, have asked one simple question: Can I save for retirement on my own terms?
Now, thanks to new regulatory reforms by the National Pension Commission (PenCom), and with Stanbic IBTC Pension Managers Limited leading the charge, that answer is finally yes.
Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its commitment to flexibility, inclusion, and global access with the introduction of two forward-looking pension options, the Personal Pension Plan (PPP) and Foreign Currency (FCY) Pension Contributions.
These reforms are designed to reflect the changing nature of work and income for Nigerians, whether they’re self-employed, freelancers, or professionals earning in foreign currency.
Retirement Savings, On Your Own Terms
The Personal Pension Plan (PPP), previously known as the Micro Pension Plan, brings the power of long-term saving to self-employed individuals and informal sector workers who often fall outside the traditional pension system.
With the PPP, participants can save as they earn, make partial withdrawals after three months, and choose from flexible investment options that match their personal goals. The contributions remain tax-free after five years, and savers can select either conservative or growth funds, depending on their risk appetite.
Even salaried employees can participate by making additional voluntary contributions, giving them more control over their future.
“These enhancements reflect the evolution of Nigeria’s workforce and the increasing global mobility of Nigerians,” said Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers. “Whether self-employed, salaried, or earning in foreign currency, we want Nigerians to take full advantage of these opportunities through expert guidance, transparency, and digital convenience.”
Pensions That Cross Borders
The new Foreign Currency (FCY) Pension Contributions framework opens another frontier. Nigerians earning in U.S. dollars, whether they live in Nigeria or the diaspora, can now save and invest directly in foreign currency.
This means contributors can protect their savings from currency depreciation while gaining access to global investment instruments such as Eurobonds, Exchange-Traded Funds (ETFs), and Global Depository Notes (GDNs).
Withdrawals can be made from the contingent portion after six months, while long-term balances are preserved for retirement. Upon maturity, benefits can be paid in U.S. dollars or converted to Naira, depending on the saver’s preference.
Building Trust, One Saver at a Time
For Stanbic IBTC Pension Managers, the reforms are more than policy shifts, they’re part of a broader vision to make retirement planning accessible to every Nigerian, regardless of where they live or how they earn.
“Our focus is on promoting financial inclusion, trust, and lifelong retirement planning,” Oyetan said. “We want every Nigerian, from the market woman in Enugu to the engineer in Dubai, to feel they have a secure and flexible path to retirement.”
With over two decades of leadership in the pension industry, Stanbic IBTC Pension Managers continues to align its services with PenCom’s vision for a more inclusive, technology-driven, and globally competitive pension system.
As work patterns evolve and Nigerians increasingly become global citizens, Stanbic IBTC’s message remains simple: Retirement planning should move at the speed of life, wherever that life takes you.
