Making Voluntary Contributions (VC)

Voluntary Contributions (VCs) are additional contributions that can be made alongside the mandatory contributions remitted by your employer to your Retirement Savings Account (RSA).

It’s easy to make VCs to your RSA. All you need to do is inform your employer to make the necessary deductions from your monthly salary.

Voluntary Contributions can be any amount of your choice as long it is from your legitimate income and not more than 1/3 of your monthly salary in line with the Labour Act, 1990.

Our RSA Calculator can also guide you on how much you can remit as VC.

How does VC benefit you?

.  VC is deducted from your salary before tax, therefore reducing your whole     tax lliability

.  VCs retained in your account  after 5 years will not be taxed at the point of withdrawal

.  Because VC is not mandatory, you have the freedom to decide the amount to contribute as well as the frequency     of contributions e.g. monthly or quarterly

.  Your VCs can be used to augment your RSA balance at the time of   retirement thereby increasing the value in         your mandatory RSA

.  Our focus in managing your pension funds is to ensure that the investment is secure while delivering competitive     returns

Point to note

You are eligible to withdraw only 50% of your VC as long as the contributions have been retained in the account for a period of at least 2 years. Subsequent withdrawals will be made after 2 years from the last withdrawal date: i.e. if your last withdrawal date was January 2017, your next withdrawal date would be anytime from February 2019.

Quick links

VC application form

VC Checklist 

VC guidelines

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