Restart your AVC

Put simply, an AVC allows you to make additional contributions towards your retirement benefits. At retirement you’re free, subject to the relevant Revenue rules, to use the money in your AVC to buy the retirement benefits you want. You must be a member of your employer’s Superannuation Scheme to be eligible to join the AVC Plan. Subject to a minimum of €50 per month and a maximum determined by Revenue based upon your age, salary and your other pension contributions (Superannuation and Additional Superannuation from January 2019) you can select how much you contribute to your AVC fund. You can stop, start or pause your AVC contributions whenever you like. Any change to your contribution amount may take up to two months to take effect on your payslip.

Been thinking about restarting your AVC contributions? There are lots of good reasons why you should. You can:

1. Lighten your tax bill and increase your retirement savings all in one go.

As well as providing you with additional financial security when you retire, payments into your AVC plan entitle you to generous tax relief. Every euro you save in your AVC Plan reduces your income tax bill (subject to Revenue limits).

The example below shows just how much you’ll save in tax relief for every €100 you save, assuming you pay tax at 40%.

  • AVC contribution €100
  • Less tax relief €40
  • Real cost for every €100 invested is only €60

2. The bigger your AVC pot the more options you have at retirement.

Whether you want a lump sum in retirement (tax free or not), to buy a pension or invest in an ARF/AMRF, the bigger your pot is at retirement the more options will be available to you, subject to Revenue rules.

Warning: The value of your investment may go down as well as up.

Warning: This product may be affected by changes in currency exchange rates.

Warning: If you invest in this product you may lose some or all of the money you invest.

Warning: If you invest in this product you will not have any access to your money until you receive your Superannuation Benefits.