Our voluntary contribution product is designed to improve your savings culture and make your retirement delightful. Voluntary contributions are flexible as no restriction of amount and period of contribution are imposed. We are flexible in the operations of the account by allowing you to decide when to make withdrawal from your voluntary contribution account and the amount to withdraw in line with the Pension Reform Act. With your voluntary contribution account with us, you take control while we give you professional services it requires.
Please note that you do not need to open a separate pension account or fill any additional forms as this contribution would be made directly to your already existing pension account. All you need do therefore is notify your employer of your intention to make AVCs.
Features of Voluntary Contributions:
• Voluntary Contributions are not mandatory, so it can be any amount of your choice
• Must be remitted through your employer
• Will be remitted into your existing RSA
• Your statement of account will show the details of your VC
Benefits of making Voluntary Contributions
• Increases the value of your retirement savings
• It is a convenient mode of savings as you determine the frequency (monthly, quarterly or one-off)
• Can be withdrawn partly or fully at anytime
• Provides tax savings if not withdrawn within 5years as withdrawals after 5 years of remittance is tax free!
It is however important to note that withdrawal from contributions that have not stayed up to 5 years from the date of remittance will be subject to tax at the current Personal Income Tax (PIT) rate.