The First Guarantee Pension Additional Voluntary Contribution product is focused on customers that are willing to contribute additional fund to their Pension account other than the regular contribution.
Timeframe for withdrawal from Voluntary account shall be once every 2 years from the last approved withdrawal date. Subsequent withdrawals shall only be on the incremental contributions from the date of last withdrawal.
For mandatory contributors, the amount remitted as VC shall be separated as follow:
50% shall be treated as contingent, available for withdrawal within the stipulated timeframe of every 2 years. Taxes would be deducted on income earned in line with Section 10 (4) of the PRA 2014.
The balance of 50% shall be fixed for pension and utilized at date of retirement to augment the contributor's retirement benefit
For exempted/foreign contributors, the following shall apply:
The timeframe of withdrawal of once every two years as stated above shall be adopted
The contributor is allowed to withdraw all the funds in his/her VC account after two years of contribution subject to deduction of taxes on both income earned and principal amount when withdrawal is less than five years of the contribution.
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