Save for Your Future in US dollars($)
The new Foreign Currency Pension (FCY) by the National Pension Commission (PenCom) allows Nigerians earning in dollars at home and abroad, to save and withdraw their pensions in dollars.
What is the Foreign Currency Pension (FCY)?
The Foreign Currency Pension (FCY) allows individuals to save for retirement in foreign currency, primarily in US Dollars. It expands the Contributory Pension Scheme (CPS) to include Nigerians in the diaspora, expatriates, and individuals earning in foreign currencies.
The FCY pension account operates alongside the Retirement Savings Account (RSA) but allows contributors to build a retirement nest egg that is not solely dependent on the Naira, providing greater financial security in retirement.
- Contributions can be made in foreign currency (US dollars).
- Contributors can choose to receive retirement benefits in foreign currency or convert to Naira at retirement or withdrawal
- Investments are guided by PenCom regulations, and managed by licensed Pension Fund Administrators (PFAs).
- Secure custodial arrangements with regulated pension custodians.
- Currency protection: Shields retirement savings from local currency volatility.
- Flexibility: Contributors can decide how they receive their benefits at retirement.
- Global investment exposure: Opportunity for portfolio diversification and potential growth.
- Diaspora inclusion: Enables Nigerians abroad to participate in the Contributory Pension Scheme (CPS)
- Long-term wealth preservation: Helps maintain purchasing power in retirement.
- Nigerians living and working abroad.
- Nigerians and expatriates, resident in Nigeria earning income in foreign currency (US dollars).
- Domiciliary account for resident Nigerians
- Non-Resident Nigerian Ordinary account (for Nigerians abroad)
- Nigerians living and working abroad,
- Nigerians and foreigners working in Nigeria for international companies and earning wholly or partly in foreign currency
Nigerians abroad: Remit from your Non-Resident Nigerian Ordinary Account (NRNOA) to your PFA’s foreign currency collection account.
Nigerians in Nigeria: Remit from your domiciliary account.
You can contribute daily, weekly, or monthly.
You may access full benefits at retirement, at age 50, or on health grounds. Benefits are paid in USD as Programmed Withdrawal or En-bloc (lump sum), with an option to receive payment in Naira.
Yes, you can continue contributing from anywhere in the world by updating your RSA details and following documentation requirements for Nigerians living abroad.
Complete the online registration form or download the form.
Call us on 08139856160, 08139856161, 08070111996, 08070111997 or send an email to info@crusaderpensions.com
Contributions must be made in US Dollars (USD). If your income is in another currency, it must first be converted to USD before remittance.
Yes, subject to the following conditions:
- You must have contributed for at least six
- You cannot withdraw more than twice a
- Withdrawals before retirement are limited to the contingent portion (60%) of your RSA balance, while 40% is reserved for retirement.
Contributions and earnings are tax-free if withdrawn after five years of contributing. However, income earned on contributions withdrawn before five years will be taxable.
Your funds are protected by the Pension Reform Act (2014), National Pension Commission (PenCom) oversight, strict Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations, and are held by licensed Pension Fund Custodians (PFCs).
