VOLUNTARY CONTRIBUTION (VC) WITHDRAWAL
An active contributor can withdraw up to 50% of his/her VC after the contributions have been retained for a period of 2 years in the Retirement Savings Account (RSA). Subsequent withdrawals shall take place once every two years and will apply to only the additional contributions made after the last withdrawal. Only 50% of the additional contributions made after the last withdrawal can be withdrawn while the outstanding 50% will be accessed at retirement.
The following documents are to be submitted online or at any of our offices:
- Two (2) passport photographs
- Exit letter (for retirees)
- Employment letter
- Bank document for confirmation of account number i.e. bank statement or letter of introduction from the bank
- Valid means of Identification i.e. National ID, Voter’s Card, Driver’s License, International Passport, Bankers confirmation (with stamped passport of account holder)
- Tax card (Lagos & Abuja residents)
- VC withdrawal form (see here) https://www.palpensions.com/media/1514/vc-withdrawal-form.pdf
- VC consent form (see here) https://www.palpensions.com/media/1515/vc-consent-form.pdf
- Payment process will commence only if complete requirements are submitted
- PAL seeks for payment approval from PENCOM.
- Upon receipt of approval, PAL sends a payment instruction to UBA Pension Fund Custodian to credit client's bank account.