You are able to withdraw your additional voluntary contributions (AVCs) in a lump-sum at normal age of pension entitlement. In addition, based on amendments to the National Pensions Law effective March 31, 2017, you can withdraw AVCs before retirement (subject to review and approval by Saxon Pensions, the Plan’s client services agent) for the following reasons:
- Housing needs – includes renovating, building or buying a house for yourself, buying residential and for yourself, or repaying the outstanding balance of your mortgage in full (excludes paying rent).
- Medical expenses – for non-elective medical treatment that is not covered by your health insurance.
- Temporary unemployment – for up to a six months (starting three months after your termination).
- Education – for your full-time education expenses, or for a dependent child under the age of 23.
You are not required to repay the money withdrawn from your AVCs.