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 and the amount to withdraw in line with the Pension Reform Act. With voluntary contribution, you take control while we provide professional service.
Paying into a Voluntary Contribution Account
An employee who wishes to make voluntary contributions does not need to open a separate account. All voluntary contributions would be credited to the employee’s RSA.
The following are the steps to make voluntary contributions:
- Decide a convenient amount and frequency (monthly, quarterly etc.) for your contribution
- Notify your employer to deduct such amount from your salary and remit with your statutory contribution
- Your employer will state in the remittance schedule against the appropriate heading; voluntary contribution.
- On receipt of the payment and the schedule, your account will be credited with both the statutory and the voluntary contribution
- Voluntary contributions are tax exempted and can be withdrawn anytime. However any withdrawal before five (5) years will be taxable.