Access ARM Pensions Boosts Drive On Voluntary Contributions

Access ARM Pensions has stepped up its awareness campaign on the benefits of Additional Voluntary Contributions (AVCs), encouraging Nigerians to adopt the scheme as a reliable way to achieve financial stability in retirement.

The call was made during a virtual webinar themed “Boost Your Retirement: Making the Most of Additional Voluntary Contributions,” where participants were educated on how AVCs can strengthen financial security and cushion unforeseen economic uncertainties.

Speaking at the webinar, the head of Customer Experience, Olushola Adekunle, explained that AVCs allow contributors to supplement their statutory pension savings, bridging income gaps that often emerge at retirement.

Olushola said, “Retirement does not have to mean a sharp drop in your quality of life. With AVCs, individuals can secure an income that allows them to live in retirement as comfortably as they did while working. What your salary could not do for you while in active service, your pension will not magically fix in retirement, but you can change the outcome by choosing to make AVCs today.”

Also speaking, the head of Benefit Administration, Ayodeji Ayo-Majaro, highlighted reforms by the National Pension Commission (PenCom) that have made AVCs more attractive. These include the provision of a one-year retention rule that allows contributors to withdraw up to 50 per cent of their AVC contributions after one year. He added that contributors who leave their AVCs untouched for at least five years enjoy tax exemptions on both principal and returns.

He noted, “Retirement planning is not just about putting money aside; it is about preserving your quality of life. AVCs allow workers to build extra savings during their active years, so retirement does not come with financial shock.

“The scheme’s attractive features, such as reducing your tax liabilities and partial withdrawals, make it easier for contributors to align pension savings with personal goals. Whether you are a salary earner, self-employed, or a contract worker, AVCs provide a pathway to retire with dignity and peace of mind.”