Voluntary Contributions

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Voluntary Contributions represents contributions which a Retirement Savings Account (RSA) holder can contribute voluntarily into his or her RSA through an Employer. Everyone looks forward to a happy retirement. However, the thoughts of being able to sustain one's standard of living keeps flashing from time to time.

The good news is that you can achieve a comfortable retirement by starting to plan towards your retirement now in order to avoid financial difficulties in the future. The best option for an RSA holder is to begin by increasing his or her monthly pension contributions through Voluntary Contributions (VC).

Voluntary Contributions

With VC, you can decide the amount and frequency you want to contribute and your contributions will be invested and managed in the same manner as your regular pension contributions.

Voluntary Contributions can be accessed once every 2 years provided such contributions have stayed up to a minimum of 24 months in your Retirement Savings Account and income earned on contributions (not principal) will be taxed if withdrawal is being made before 5 years. No tax would be applied on contributions that have stayed more than 5 years.

Some Features of Voluntary Contributions include;

  • Voluntary Contributions like RSA contributions must come through an Employer.
  • Voluntary Contributions attracts return on investment.
  • Voluntary Contributions are tax-exempt; however, tax will be paid on the income made from investment- not principal if there is a withdrawal before 5 years.
  • Voluntary Contributions help to increase your RSA balance thereby securing a comfortable life after retirement as it helps to boost RSA balance.
  • You can make 50% withdrawal of your Voluntary Contributions once in two years. However, the return on investment would be taxed (not the principal) if withdrawal is made within 5 years from date of first contribution. The balance of Fifty Percent (50%) shall be used to enhance benefits at retirement. However, subsequent withdrawals shall be on incremental contributions from the date of last withdrawal.
  • With Voluntary Contributions, you are at liberty to decide the amount and frequency of contributions monthly or quarterly.

The time frame for the withdrawal from VC will be once every two (2) years from the last approved withdrawal date.

By increasing your pension contributions, you adequately prepare for a financially-stable retirement while achieving your ambitions along the way.

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Documentation Requirement Checklist for Voluntary Contribution

  • Data Recapture Exercise – this is mandatory for ALL RSA holders
  • Duly Filled FCMB Notice of Retirement form
  • Written Application
  • VC Withdrawal consent forms (appendixes II & VII)
  • Appointment Letter for Active Contributors
  • Retirement Letter for Retirees and Expatriates
  • Letter of Introduction from Embassy/Consulate (for Foreigners)
  • Two Passport Photographs
  • Bank confirmation of account (affix Passport and stamped across by the Bank)
  • Means of ID (National ID/Drivers License/ Voter’s Card/Int’l Passport)
  • Tax Payers Identification Number (TIN) or TAX clearance Certificate/TAX Payers Identification Card

For registration or enquiries regarding the Voluntary Contributions, do not hesitate to contact us via our Live Chat: www.fcmbpensions.com or Phone Lines: 08059580002, 08032752888 and 07080633004.