Voluntary Contributions Withdrawal

An RSA holder with Voluntary Contributions can access the contribution based on the withdrawal guidelines. The Income generated on Voluntary Contribution is subject to tax where the Contribution is less than 5 years of commencement.

See below the Voluntary Payment Income Tax Calculation

1st N300,000.00 – 7%

Next N300,000.00 – 11%

Next N500,000.00 – 15%

Next N500,000.00 – 19%

Next N1,600,000.00 – 21%

Next N3,200,000.00 – 24%

The following documents are required by Radix Pension Managers for processing payment of Voluntary Contributions

  1. Letter of request addressed to the Managing Director of Radix Pension Managers Limited
  2. A copy of Applicant’s Employment letter from the employer
  3. Benefit Application Forms {(i) Personal Data Form (ii) Bank Account Form}, both forms should be obtained from the PFA
  4. Valid Means of Identity:- Any of these (National Identity Card, Driver’s License, Valid International Passport, Permanent Voters Card or Letter of Confirmation of Identity from a Notary Public )
  5. Letter of Confirmation of account details from the Applicant’s Bank
  6. Taxpayer ID and Tax Identification Number (TIN NUMBER)