Voluntary Contribution Withdrawal
A contributor can withdraw from the balance standing to his/her Voluntary Contribution (VC) Account.
Active contributors can only withdraw 50% of their VCs after the contributions have been retained for a period of 2 years in their 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 Only 50% of the additional contributions made after the last withdrawal can be withdrawn while the outstanding 50% will be accessed at retirement.
Application will be processed if all required documents are provided.
- Passport photographs (Two)
- A notification of retirement / Exit letter (For Retirees)
- Letter of appointment or employment
- Bank account document
- Tax ID card
- Means of identification
- Client fills voluntary contribution withdrawal form
- Client fills voluntary contribution consent form
- Once all the above documents have been received PAL sends payment request to PENCOM for approval
- Upon approval, UBA Pension Fund Custodian credits client’s account.