Foreigners make Voluntary Contribution, withdraw all at expiration of contract, stay – PenCom
By Favour Nnabugwu
The National Pension Commission (PenCom) has foreigner are participating Voluntary contributors and they allowed to withdrawal fund at expiration of their contract in the country.
Foreigners in the PenCom refers to Non-Nigerian citizens residing and working in
Nigeria
PenCom at one-day workshop for Pension Journalists in Abuja said there are a number of foreigners who participate in the VC.
Giving a paper on ‘The Administration of Retirement Benefits under the Micro Pension Plan by Head, Benefits & Insurance, Mr Obiora Ibezeago, said foreigners contribute voluntarily Retirement Savings Accounts, RSA until they are set to go back to the country, they then withdraw the contribution wholesome..
On Foreign Contributors, Ibeazego said they shall also be legible to withdraw all the voluntary contributions in the RSA at the expiration of the contract employment or relocation to their country.
Voluntary Contributions are extra funds you can opt to add to your mandatory pension contributions, or simply set aside as retirement savings”
“VC 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 the contributions have tax incentives and could lower your overall tax liability.”
Non-obligatory contributions made by all eligible contributors through their employers while Additional Voluntary
Contributions (AVC) Non-obligatory contributions made by workers
and retirees under the CPS through the
employer towards enhancing their pension.
