He said a significant amount of his current workload related to complaints about the sale of Additional Voluntary Contribution
arrangements to teachers by Prudential Assurance.
The one element missing from this year's announcement was news on the second year of the additional voluntary contribution
, the four-year PS18m agreement forged between racing and the four major retail firms and announced last year.
Additional Voluntary Contribution
(AVC) - Personal pension contributions made by someone who is a member of an occupational scheme as a top-up to their occupational entitlement.
For example, at present you can only take 25% of the fund as tax-free cash from Personal Pension (PPP) or Stakeholder plans, none from Additional Voluntary Contribution
schemes (AVCs), and Final Salary and Occupational Pension schemes being governed by statute or Inland Revenue rules.
The reason is that many belong to Additional Voluntary Contribution
plans through their employer.
Speak to your Independent Financial Adviser or your employer, if you are a member of an occasional scheme, as you may be able to pay extra contributions via an Additional Voluntary Contribution
If I make additional voluntary contributions
, I would get PS158.
Alternatively, you could achieve the same result by paying additional voluntary contributions
(AVCs) into your occupational scheme.
The study suggests specialized fund managing institutions would run the proposed fund, which will employees' monthly deductions and the additional voluntary contributions
, "to invest it in an optimal way that ensures good financial returns for the employees."
His tax-free lump sum due of around PS160,000 is in addition to this, while the saver has also been paying additional voluntary contributions
now worth PS100,000.
The study also showed 97 percent make mandatory contributions, while 64 percent make additional voluntary contributions
. Manulife Philippines chief investment officer Aira Gaspar urged Filipinos to make regular contributions to a diverse portfolio of investments.