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Additional Voluntary Contributions are extra funds you can opt to add to your mandatory pension contributions, or simply set aside as retirement savings.
These funds would be deducted from your monthly emolument by your employer and remitted into your Veritas Glanvills Pensions Retirement Savings Account (RSA), along with your regular pension contributions. AVC differs from other regular savings you may have, as it is deducted from your salary before tax. This is a significant advantage of the AVC, as it means the contributions are tax-free and lower your overall tax liability.
Other benefits of making Voluntary Contributions include:
- 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- Can be withdrawn partly or fully at any time in accordance with the guidelines.
- Provides tax savings if not withdrawn within 5years as withdrawals after 5 years of remittance is tax free!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 a higher return than the conventional savings.