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Additional Voluntary Contribution order in Iponri
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Additional Voluntary Contribution

Additional Voluntary Contribution

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Nigeria, Iponri
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Description
Additional Voluntary Contributions (AVC) is the discretionary contribution made above the mandatory 15 employer and employee contributions into an individual's Retirement Savings Account (RSA) and cannot be more than 100% percentage of your emolument. You also have the benefit of accessing your AVC anytime before retirement. However, enjoying a TAX FREE charge applies only after FIVE YEARS of making contributions!

Main features of the AVC
  • AVC is the extra contribution you make outside the statutory pension contributions stipulated in the Pension Reform Act (PRA) of 2004.
  • You must have a Retirement Savings Account (RSA) to start the AVC.
  • It is accessible at anytime and non taxable if undrawn for a minimum period of 5 years.
  • It attracts the same investment returns as your statutory pension contributions.
  • The contribution must come through your payroll/employer.
  • You do not need a fresh registration to get started.

Factors you need to consider before starting the AVC

  • Look at your anticipated cost of living and level of expenditure when you retire.
  • Your monetary requirement to maintain your standard of living in retirement.
  • How much time do you have left to work before you retire.
  • What will your pension value amount to when you retire.

How to start the AVC

  • After taking into consideration the above listed factors, decide on the extra amount of money you want to contribute on a monthly basis.
  • Instruct your employer to make the deduction from your salary and remit along with the statutory contributions to your RSA but indicate the amount for the AVC in the column provided for it in the Schedule of Contributions to be sent to the Pension Fund Custodian (UBA PFC).
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Additional Voluntary Contribution
Additional Voluntary Contribution
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