• Before making Voluntary Contributions (VC), you must have an active Retirement Savings Account (RSA) with CardinalStone Pensions.
• Must be an employee of either a private or public sector contributing to the Contributory Pension Scheme.
• Self-Employed individuals participating in the Contributory Pension Scheme.

• Application letter(stating the tax ID number)
• Recent bank statement.
• Recent passport photograph.
• Utility bill, bank statement, or any official document with your name and address.
• Proof of registration with the pension fund.

Remitting Voluntary Contribution (VC) with CardinalStone Pensions is even easier when you already have a CardinalStone Pensions. If you already have an RSA with us, then you are automatically registered to make payments to your Voluntary Contribution Account. However, If you do not have an RSA with us, and you are not exempted from the act, then you would need to open an RSA with us. You can open an RSA here.

If you are exempted from the Act and would like to open a Voluntary Contribution with us, please follow the steps below.

• Open a Retirement Savings Account (RSA) with CardinalStone
• Inform your employer of your intention to make voluntary contributions, so it can be deducted directly from your salary/wages
• Monitor your RSA to track the performance of your contributions and adjust as necessary.

The Voluntary Contribution (VC) applies to an existing RSA holder intending to boost his/her individual Retirement Savings. In other words, the RSA holder is willing to contribute more than the statutory 8% (employee portion) and 10% (employer portion) of the monthly emoluments. 

Based on instructions given to your employer, the contribution is deducted from your monthly emolument by the employer and remitted into your Retirement Savings Account (RSA), along with the statutory pension contributions.

RSA holders can withdraw voluntary contributions at any time. However, income earned on these contributions is taxable if withdrawn within the first year

An RSA holder with Voluntary Contributions can access the contribution based on the withdrawal guidelines. The Income generated on Voluntary Contribution is subject to tax where the Contribution is less than 5 years of commencement.

See below the Voluntary Payment Income Tax Calculation

• 1st N300,000.00 – 7%
• Next N300,000.00 – 11%
• Next N500,000.00 – 15%
• Next N500,000.00 – 19%
• Next N1,600,000.00 – 21%
• Next N3,200,000.00 – 24%

Benefits Withdrawal