Making Voluntary Contributions (VC)

With Stanbic IBTC Pension Managers Limited it’s easy to make Voluntary Contributions (VC) remittances to your RSA account.

All you need to do is inform your employer to make deductions from your salary at source.

How much would you need to contribute into your Voluntary Contribution Account? You can decide this by using our RSA Calculator.


Please note that income earned on Voluntary Contributions is subject to Personal Income Tax if withdrawn within 5 years.

The table below contains the current tax rates applicable on VCA withdrawals where the amount withdrawn falls within the respective withdrawal values and the contributions are less than 5 years old:


  Amount (N) Tax Rate (%)
1 300,000.00 7
Next 300,000.00 11
Next 500,000.00 15
Next 500,000.00 19
Next 1,600,000.00 21
Above 3,200.000.00 24


Please note that where tax had been paid on the Voluntary Contributions, the burden of proof that such tax was paid lies with the RSA holder. In such instances, the RSA holder is required to apply to the relevant tax authority for a refund of any excess/double taxation or for the issuance of tax credit to be set off against future taxes.

It is important to note that income earned on contributions that are withdrawn after 5 years from the date the contribution was made will be tax free (i.e. will be paid without deducting tax).

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