51,539 workers withdraw N44.952bn from voluntary pension contributions
PenCom
51,539 workers withdraw N44.952bn from voluntary pension contributions
Nike Popoola
No fewer than 51,539 workers have withdrawn N44.952bn from voluntary contributions in their Retirement Savings Accounts with their respective Pension Fund Administrators as of the end of first quarter of 2024.
Figures obtained by dailyeconomy from the National Pension Commission’s 2024 first quarter report on Voluntary Contributions revealed.
According to the report, N3.871bn was withdrawn in the first quarter of 2024 by 1,302 workers.
The report said, “A total of 1,326 RSA holders requested to access their voluntary contributions during the quarter under review.
“Approvals were granted to 1,302 contributors to access N3.871bn, while twenty-four (24) were rejected due to incorrect computations. The 1,259 RSA holders whose benefits were approved were from the private sector, while forty-three (43) were from the public sector.”
Recently, PenCom introduced three changes to the Voluntary Contribution (VC) guidelines for workers and other contributors under the Contributory Pension Scheme, fact obtained by Daily Economy has revealed.
PenCom describes Voluntary Contribution under the Contributory Pension Scheme (CPS) as, non-obligatory contributions made by any contributor into his RSA.
It states that, “Section 4 (3) of the PRA 2014 provides a platform for an RSA holder to make Voluntary Contributions, in addition to the statutory contributions being made by him and his employer.
“Subject to the Guidelines as may be issued, from time to time, by the Commission, Section 4 (7) of the PRA 2014 also provides for any person who is not ordinarily covered under Section 2(3) of the Act and any person exempted under Section 5 of the Act to participate in the Scheme through Voluntary Contributions.”
The new changes made under the VC guidelines to the PFAs, obtained by Daily Economy affect timeline for withdrawal, accessibility for non-mandatory contributors and tax implications.
