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Additional Voluntary Contribution
The Additional Voluntary Contribution (AVC) facility enables contributors to boost their retirement savings by making extra payments above the mandatory pension deductions. AVC is open to both statutory members who wish to enhance their existing retirement benefits and employees on permanent & pensionable or contract terms who opt to save voluntarily through LAPFUND.
Features
- Allows contributors to increase their retirement benefits by making additional contributions over and above compulsory pension deductions.
- Open to Statutory scheme members seeking to top up their savings and Employees (P&P or contract) who are not mandatory contributors but wish to save voluntarily through LAPFUND.
- Savings earn competitive returns, accelerating long-term savings growth.
- AVC benefits are accessible only upon separation from service or retirement, ensuring preservation of savings for future financial security.
Admission Requirements
To enroll for Additional Voluntary Contributions (AVC), a contributor is required to submit the following:
- A duly completed LAPF/9 (Voluntary Application Form)
- A copy of the contributor’s National Identity Card
- A copy of the beneficiary’s Identity Card
