Paying Zakaat on pension plan savings

Q. My question concerns Zakaat. The company I work for has a pension plan of which both employee and employer contributes to the employee’s plan. Presently I do not have access to this money. Only when I retire or if I resign then I will have access. It is compulsory that I contribute x amount every year, I am not sure of the amount my employer contributes to my plan, we do not get a statement. My question is, “Do I pay zakaat every year on the contributions I have made thus far?”


A.
If you know that the savings on your pension plan have reached the Nisaab and above, then you must pay Zakaah on that amount. Even though you may not have access to the money, you are nevertheless, the owner, hence, it will be considered as wealth being in your possession. If you have other monies from which you can use to pay the Zakaah of the pension plan money, then you may do so. If not, then you must pay when you receive the amount for the years which have past and you did not pay.

And Allah knows best.

Mufti Waseem Khan