Stanbic IBTC promotes flexible pension plans
Stanbic IBTC Pension Managers supports regulatory changes that expand retirement savings access for Nigerians worldwide. Chief Executive Olumide Oyetan told reporters at company offices in Lagos that the National Pension Commission created two programs allowing workers to contribute based on income patterns. The Personal Pension Plan lets informal sector employees and salaried staff make voluntary deposits with partial withdrawals available after three months.
The Foreign Currency Pension Contributions structure accepts dollar deposits from earners abroad and residents receiving international payments. Contributors protect savings from naira devaluation through investments in Eurobonds and exchange-traded funds. Withdrawals begin six months after initial deposits, while retirement balances remain secured. Benefits convert to naira upon request or disbursed in dollars.
Oyetan praised the commission for adapting rules to workforce mobility and global earnings. The pension manager operates digital platforms that guide participants through contribution options and fund selection. The firm has managed retirement accounts for more than 20 years under commission oversight.
