Additional Voluntary Contribution (AVC) is referred to as the extra contribution made outside the mandatory 18% employer (10%) and employee (8%) contributions into an individual’s Retirement Savings Account (RSA).
Please note that you do not need to open a separate pension account to make additional voluntary contributions.
It is accessible at any time and non-taxable if there are no withdrawals for a minimum period of 5 years.
The contribution must come through your payroll/employer.
Benefits of AVC
The new PFA will be responsible for managing pension assets of the entire Nigeria Police Force personnel according to the Pension Reform Act (PRA 2014).