Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its assist for the National Pension Commission’s (PenCom) current reforms geared toward enhancing flexibility, inclusion, and world entry inside Nigeria’s pension system.
The new regulatory tips introduce two distinct pension choices, the Personal Pension Plan (PPP) and Foreign Currency (FCY) Pension Contributions, each designed to empower people to save lots of for retirement in ways in which replicate their evolving work patterns and revenue sources.
The Personal Pension Plan (PPP), previously generally known as the Micro Pension Plan, permits self-employed people, and casual sector staff to construct retirement financial savings at their very own tempo. It additionally permits 9-5 staff within the formal sector to make extra voluntary contributions past the necessary scheme. Through the PPP, contributors can contribute as they earn, make partial withdrawals (50%) after three months of preliminary deposit when wanted, and luxuriate in versatile funding choices suited to their {financial} objectives. Contributions are tax-free after 5 years, and contributors can select between conservative and progress funding funds for higher management of their financial savings.
Complementing that is the Foreign Currency (FCY) Pension Contributions framework, which permits Nigerians incomes in overseas foreign money, each these dwelling overseas and people residing in Nigeria, to make pension contributions in United States Dollars (USD). This construction permits contributors to safeguard their financial savings in opposition to foreign money depreciation and entry a wider vary of worldwide funding alternatives reminiscent of Eurobonds, Global Depository Notes, and Exchange Traded Funds. Withdrawals may be made after six months from the contingent portion of the account, whereas long-term balances are preserved for retirement. Benefits are payable in USD or transformed to Naira on the contributor’s request.
Speaking on the event, Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, counseled PenCom’s forward-thinking strategy to broadening participation and accessibility within the pension business. He stated, “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.
Olumide added, “The company’s focus is on promoting financial inclusion, trust, and lifelong retirement planning, ensuring that more Nigerians can participate in the pension system regardless of where or how they earn.”
With over twenty years of management within the pension business, Stanbic IBTC Pension Managers continues to align its service choices with PenCom’s imaginative and prescient for a extra inclusive, technology-driven, and globally aggressive pension panorama.
