Making a Voluntary Contribution
Voluntary Contributions (VCs) are additional contributions that can be made alongside the mandatory contributions remitted by your employer to your Retirement Savings Account (RSA). To make voluntary contributions, all you need to do is inform your employer to make the necessary deductions from your monthly salary. It’s that easy. Our RSA Calculator can also guide you on how much you can remit as VC
Some of the benefits
Convenience
You can transact from anywhere with our online platforms (Mobile App and Web Portal)
Diversification
Our Mutual Funds mitigate investment risks by investing across a diverse range of assets thus avoiding concentration risk
Flexibility
Our array of investment products are designed to suit your financial needs. You can easily subscribe for/and redeem your investments
Security
Invest with us with the knowledge that your investment is safe
Eligibility criteria
- Employees of Private and Public Sector organisations with existing Retirement Savings Account under the Contributory Pension Scheme
- Employees in active employment currently remitting mandatory contributions through their employers.
- Retirees that secure employment after retirement can continue contributing to their Retirement Savings Account through Voluntary Contributions.
What Should I Know
- 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.
- Voluntary Contributions are deducted from your salary before tax, therefore reducing your whole tax liability
- Voluntary Contributions retained in your account for more than 5 years will not be taxed at the point of withdrawal
- Voluntary Contributions cannot be remitted alone, it must be remitted with the mandatory contribution.
- Voluntary Contributions can only be remitted by the employer, alongside the mandatory contribution.
- You can access 50% of your voluntary contributions after it has stayed in your account for at least 1 year. The remaining 50% will be used to augment your benefits at retirement.
You can download a copy of the Guidelines for Voluntary Contributions and the VC Application Form & Checklist Below
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Eligibility criteria
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What Should I Know
- Employees of Private and Public Sector organisations with existing Retirement Savings Account under the Contributory Pension Scheme
- Employees in active employment currently remitting mandatory contributions through their employers.
- Retirees that secure employment after retirement can continue contributing to their Retirement Savings Account through Voluntary Contributions.
- 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.
- Voluntary Contributions are deducted from your salary before tax, therefore reducing your whole tax liability
- Voluntary Contributions retained in your account for more than 5 years will not be taxed at the point of withdrawal
- Voluntary Contributions cannot be remitted alone, it must be remitted with the mandatory contribution.
- Voluntary Contributions can only be remitted by the employer, alongside the mandatory contribution.
- You can access 50% of your voluntary contributions after it has stayed in your account for at least 1 year. The remaining 50% will be used to augment your benefits at retirement.
You can download a copy of the Guidelines for Voluntary Contributions and the VC Application Form & Checklist Below