Pension Insight: How expatriates, Nigerians working abroad can participate in CPS

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Due to increased global work mobility, many Nigerians are now working abroad. In the same vein, Nigeria attracts expatriates from various parts of the world.

In some cases, Nigerians who move abroad for work are already enrolled in the contributory pension scheme and may wish to continue saving in Nigeria for their retirement.

Also, while the scheme is not mandatory for expatriate employees in Nigeria, such employees can elect to participate by making voluntary contributions under the CPS. If such an employee chooses to discontinue contribution under the scheme in Nigeria or where the new employer has an entirely different pension arrangement, he can access his RSA upon retirement or attaining the age of 50 years, whichever is later.

 

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