This refers to additional contributions (after the mandatory deductions) from your salary to your RSA where your regular pension contribution will not be sufficient to meet your personal retirement goals. The funds will be invested alongside the mandatory contributions in your RSA, thereby ensuring that your money works harder for you.
Making voluntary contributions is easy as all you need to do is
Determine an amount that is convenient for you to contribute in addition to your mandatory monthly contributions.
Notify your employer to deduct the pre-determined amount from your salary and include the value in the amount to be remitted to our Custodian.
The Employer should ensure that the Voluntary Contribution is indicated on the Contribution schedule which is to be sent to our Custodian.
Benefits of Voluntary Contributions
Voluntary Contributions are deducted from your total emolument before tax is applied; hence the contribution is Tax Exempt.
Voluntary Contributions are flexible such that the amount to be contributed, the periodicity of contributions and withdrawals are determined by the RSA Holder.
Voluntary Contributions can be withdrawn at the discretion of the RSA Holder. Withdrawal after 5 years of a contribution is tax exempt however, withdrawal within 5 years is subject to tax on income earned
If you are an HR Manager and want to get further information on how to remit the pension contributions of your staff to their Retirement Savings Accounts (RSA), Approved Schemes, or any of our services, please send an e-mail to firstname.lastname@example.org or visit any of our offices.
To register a New Company
Is your company registered under the contributory pension scheme (CPS)? If No, then you need to register your organization with the National Pension Commission (PenCom) for the allocation of a unique employer code.
The employer code is required to open retirement savings account (RSA) for your staff members and generate the personal identification numbers (PINs) for individual employees. The employer code is also required when remitting the monthly pension contributions of staff.
To request for an employer code, simply provide the details in the list below and forward to email@example.com
A copy of the organization’s certificate of incorporation (C of I) or business name registration certificate
RC/BN NO – As indicated on the Certificate of Incorporation/Registration and assigned by CAC or any entity that approved the organization’s legal existence
RGW assigned by the Budget Office of the Federation
Employer Name- Full employer name without abbreviations (this should be as indicated on the C of I)
Employer Address- Current address with the street name and number, location and town is to be stated
Nature of Business – state the kind of business the organization does
Employer Contact E-mail Address – The e-mail address to reach employer/organization when employer code is generated by PenCom
Quoted(Q)/Unquoted(UQ) – Indicate “Q” if the company is listed on the Nigerian Stock Exchange and “UQ” if the company is not listed on the Nigerian Stock Exchange
Taxpayer ID No (TIN) – As issued by the Federal Inland Revenue Service (FIRS) to the company