VG Pensions Positions for Foreign Currency Pension Contribution
Veritas Glanvills Pensions Limited (VG Pensions) has positioned itself to be the choice PFA for foreign currency pension contributions. With the guidelines released recently by the National Pension Commission (PenCom), licensed pension fund administrators in Nigeria are now authorised to administer pension contributions made in foreign currency. Those eligible to participate in this scheme are Nigerians in the diaspora, Nigerians employed by foreign organisations and earning in foreign currency within Nigeria and foreign nationals residing in Nigeria and remunerated in foreign currency.
Under the scheme, Nigerians living abroad who wish to participate must complete Retirement Savings Account (RSA) registration form and provide supporting documentation including their National Identification Number (NIN), a valid international passport, and details of Next-of-Kin and legal beneficiaries.
Nigerians and foreigners working in Nigeria for foreign or international organisations and earning partly or fully in foreign currency will also be required to open an RSA and submit national identification number, valid international passport (Foreigners in Nigeria) and the name, email, address and phone number of the next-of-kin and legal beneficiaries.
Speaking on the development, Mr. Godson Ukpevo, OON, Managing Director of VG Pensions, described the initiative as a transformational milestone in Nigeria’s pension industry. “We anticipated the release of these guidelines and have proactively developed all the structures necessary to support the seamless participation of Nigerians abroad and all foreign income earners in Nigeria. With VG Pensions, eligible participants will enjoy simplified remittance processes, automated fund settlement, and multi-channel support – all in strict compliance with PenCom’s operational guidelines,” he stated.
Mr. Abiodun Shode, Executive Director, Operations, further emphasized the company’s preparedness: “VG Pensions views the Diaspora Pension Remittance Plan not just as a new product, but as a strategic opportunity to connect Nigerians abroad with the country’s pension ecosystem in a meaningful and beneficial way”
Already, VG Pensions has launched a targeted communications campaign aimed at creating awareness and driving participation among Nigerians in the diaspora and eligible foreign currency earners in Nigeria. The campaign highlights the ease, security, and long-term benefits of planning for retirement through a regulated and credible system.
With this bold step, VG Pensions reaffirms its commitment to broadening access to retirement savings, enhancing financial inclusion, and supporting Nigerians – wherever they may be – in securing a dignified retirement.
