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Voluntary Contributions (VC) is an optional contribution made above the mandatory 18% employer and employee contributions into an individual’s Retirement Savings Account (RSA). You could access your VC subject to the extant rules on withdrawal released by PenCom.
The National Pension Commission (PenCom) on 16th November 2017 released a Circular to guide withdrawal of Voluntary Contributions (VC). Concerns were raised by Government on the frequency of withdrawals of VC and the effect on the tax payable to the tax authorities. The objective of the Circular is to curtail the high rate of VC withdrawals and its attendant effect on tax accruing to the government. Accordingly, the following rules will apply to VC withdrawals with effect from 1st December 2017.