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Voluntary Contributions

Voluntary Contributions (VC) are extra contributions you can decide to add to your mandatory pension contributions. It is a personal contribution that can be made in addition to your mandatory pension contributions. These funds would be deducted from your monthly salary by your employer and remitted into your OAK Pensions Retirement Savings Account (RSA), along with your regular pension contributions. Voluntary Contribution differs from other regular savings you may have, as it is deducted from your salary before tax. This is a significant advantage of the VC, as it means the contributions are tax-free and lower your overall tax liability.

Every employee covered under the Contributory Pension Scheme is eligible to make Voluntary Contributions. In the event you decide to withdraw from, or liquidate your voluntary contributions, all you need to do is complete and submit our benefit withdrawal form, attaching a passport photograph and letter requesting for your funds. Your application will be processed and benefits paid within 3 weeks.

Benefits of making Voluntary Contributions

  • Increases the value of your retirement savings
  • It is a convenient mode of savings as you determine the frequency ( i.e. monthly or quarterly bi-annually or annually) .
  • Can be withdrawn partly or fully at anytime.
  • Provides tax savings if not withdrawn within 5years as withdrawals after 5 years of remittance is tax free!
  • Voluntary Contribution can also serve as a form of targeted savings towards specific projects, such as, mortgages, children’s school fees or a dream vacation.
  • Voluntary Contribution provides higher return than the conventional banking.

Documents For Processing Voluntary Contributions

  • Customer's checklist and liability statement
  • A copy of the letter of Appointment/confirmation of appointment.
  • RSA Welcome letter
  • Letter of request for Voluntary Contribution
  • Bank details form
  • Passport Photographs
  • Tax card

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