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Access ARM Pensions has intensified its awareness campaign on the benefits of Additional Voluntary Contributions (AVCs), urging Nigerians to adopt the scheme as a means to achieve financial stability in retirement.
The firm made the call during a virtual seminar with the theme: ‘Boost Your Retirement: Making the Most of Additional Voluntary Contribution’, where participants were sensitised on how AVCs can strengthen financial security against unforeseen economic uncertainty.
Speaking at the webinar, Head of Business Development, Olusola Adekunle, explained that AVCs provide contributors with an opportunity to supplement their statutory pension savings, thereby closing income gaps that often emerge when people leave the workforce.
Adekunle said: “Retirement does not have to mean a sharp drop in your quality of life. With AVCs, individuals can plan and secure an income that allows them to live in retirement as comfortably as they did when actively employed. As I often tell people, 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, noted that the recent reforms by the National Pension Commission (PenCom) have made AVCs more attractive, including provisions that allow contributors to withdraw up to 50 per cent of their AVC balance after one year. He added that contributors who leave their AVCs untouched for at least five years enjoy tax exemptions on both the principal and returns.
“Retirement planning is not just about putting money aside, it is about preserving your quality of life. Additional Voluntary Contributions give workers the flexibility to build up extra savings during their active years so that retirement does not come with a financial shock.
“The scheme also benefits from attractive features such as tax exemptions and partial withdrawals, which make it easier for contributors to align their pension savings with personal goals. Whether you are a salary earner, self-employed, or even in contract work, AVCs offer a pathway to retire with dignity and peace of mind,” he said.
Beyond individuals in formal employment, the firm emphasised that the pension industry has widened its reach to small businesses and self-employed workers through the Micro Pension Plan, which enables artisans, traders, and entrepreneurs to build retirement savings in a flexible manner tailored to their irregular income patterns.
The virtual seminar was highly interactive with participants noting the clarity of responses provided to their questions, reflecting Access ARM Pensions’ effort to strengthen engagement with its clients.
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