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Voluntary Contributions

Secure a Richer Retirement.

Start Your Voluntary Contributions Today.

Go beyond your standard pension savings. With Parthian Pensions, making Voluntary Contributions is simple, flexible, and a smart way to build a bigger nest egg for your future.

What are Voluntary Contributions (VCs)?

Voluntary Contributions are additional savings you choose to make into your Retirement Savings Account (RSA) over and above your mandatory monthly pension contributions. Think of them as a personal top-up to your retirement fund, giving you more control and a greater financial cushion when you retire. At Parthian Pensions, we make it easy for you to grow your retirement pot faster with VCs.

Why Make Voluntary Contributions with Parthian Pensions?

Adding to your pension through VCs offers several attractive benefits:

Accessing Benefits & Support

Significantly boost the total funds available to you at retirement, leading to a more comfortable lifestyle..

Greater Financial Security:

Build a larger buffer for your future, giving you more options and peace of mind.

Tax Advantages:

• Contributions are often tax-deductible from your current income (up to limits defined by law).

• Investment income earned on VCs may be tax-free if contributions are held for a specified period (e.g., 5 years) before withdrawal, as per PENCOM guidelines.

Flexible Savings:

Significantly boost the total funds available to you at retirement, leading to a more comfortable lifestyle..

Consolidated Management:

Significantly boost the total funds available to you at retirement, leading to a more comfortable lifestyle..

Accessible Funds (under specific conditions):

While primarily for retirement, you can access a portion of your VCs before retirement under specific PENCOM rules.

Who Can Make Voluntary Contributions?

• Any employee in an organization with an existing Retirement Savings Account (RSA) under the Contributory Pension Scheme (CPS).

• Individuals in active employment who are currently making mandatory contributions through their employers.

• Exempt contributors (as defined by PENCOM guidelines) are also eligible.

Start your contribution now

Making Voluntary Contributions is Simple

Parthian Pensions ensures a straightforward process:

01

Decide Your Amount:

Determine how much extra you’d like to contribute from your monthly salary.Parthian Pensions ensures a straightforward process:

02

Inform Your Employer:

Notify your employer in writing of your intention to make VCS and the amount to be deducted. (VCs are typically remitted by your employer alongside your mandatory contributions).

03

We Do the Rest:

Your employer will deduct and remit your VCs to your Parthian Pensions RSA. You’ll see these contributions reflected in your account statement.

(You do not need to open a separate account for your Voluntary Contributions; they go directly into your existing RSA.)

Start your contribution now

Understanding Withdrawals from Your Voluntary Contributions

It’s important to know how and when you can access your VCs, as per PENCOM regulations:

  • Withdrawal Frequency:

• Members can withdraw up to 50% of their Voluntary Contributions once every year

  • Access Before Retirement (for Active Contributors):

• You can withdraw up to 50% of your total VCs.

• The remaining 50% can only be accessed upon retirement. Under PenCom rules, tax will apply if withdrawals are made within five(5) years of contribution

  • Withdrawal at Retirement/Loss of Job:

At retirement, or upon temporary loss of employment (after 4 months, as per PRA 2014 for mandatory contributions, specific rules may apply to VCs), you can typically access the full amount of your VCs (both principal and accumulated income), subject to PENCOM guidelines.

  • Tax on Withdrawals:

• If VCs (principal and/or income) are withdrawn before being held for a minimum period (e.g., five years from the date of contribution), the income earned on such contributions may be subject to tax.

• Withdrawals made after this minimum holding period are typically tax-free.

Key Things To Remember

VCs must be made from your legitimate income and are remitted through your employer.

VCs are invested with your mandatory contributions and earn investment returns.

Always refer to the latest PENCOM guidelines for the most current rules on VCs.

Frequently Asked Questions (FAQs)

You can contribute any amount, but VCs are generally restricted to one-third of your monthly salary, as per the Labour Act.

No, VCs are additional and do not replace or affect your standard 18% (employee and employer) mandatory contributions.

Your VCs will be clearly shown on your RSA statement, accessible through our online portal and mobile app.

Initiate Your RSA Transfer Now

Ready to Boost Your Retirement Savings?

Take a smart step towards a more financially secure future.

Download VC Instruction Form
Speak to a Retirement Advisor

Need Help or Have Questions?

• Call our Transfer Helpline: 0700-00-72784736
• Email us: info@parthianpensions.com
• Visit any of our Branch Locations

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20 Adeyemo Alakija Str,
V/Island, Lagos.

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info@parthianpensions.com

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Copyright 2025 Parthian Pensions Limited. All rights reserved

Copyright 2025 Parthian Pensions Limited.
All rights reserved

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