Key information about 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 your funds. Your application will be processed and benefits paid within 3 weeks.