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AVCs AND THE EMERGENCY WITHDRAWAL PROGRAMME

SEPTEMBER 3, 2020

The Plan was advised on 28 August 2020 by the Deputy Director, Department of Labour and Pensions, that the amount of the emergency withdrawal should be prorated, based on the ratio of the member’s mandatory contributions to their voluntary contributions.  For example, if the member’s account value is $100,000, comprised of 60% mandatory and 40% voluntary, then the emergency withdrawal disbursement of $32,500 should be recorded as $19,500 from mandatory contributions and $13,000 from voluntary contributions, to preserve the same percentage.  This approach will avoid a disproportionate relationship between the contribution classifications, in the future, which is especially important considering that members retain the right to withdraw additional voluntary contributions under section 47 of the National Pensions Law (as amended).