Additional Voluntary Contribution (AVC)

Most commonly known as Pension top-ups, AVCs allow you to boost your pension savings beyond mandatory contributions, enhancing retirement income and securing a more comfortable financial future.

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What is an AVC?

Additional Voluntary Contributions (AVCs) are tax-efficient extra payments you can make in addition to your existing pension. Whether you started your pension later in life, or have extra cash to put away, an AVC is a pension option for you. When you retire, you can use the money you invested into an AVC to buy additional pension benefits you want.

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Ciara Mc D.
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dealt with Cormac for my life insurance he was fantastic answered all my questions and helped me secure the best deal for my family and I. I would highly recommend him and this company they do all the hard work for you and get you fantastic deals at a fraction of the price.
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I recently dealt with it, and I’m very happy with the experience. The process was smooth, professional, and clearly explained from start to finish.A special mention to Colin, the Financial Advisor, he was absolutely fantastic. Colin took the time to go through all the options with me, explained everything in a simple and honest way, and made sure I understood what was best for my situation. His professionalism, patience, and genuine care made the whole process easy and stress-free.
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I had an excellent experience with Low.ie. Maik who helped me was phenomenal, incredibly patient, friendly, and very helpful throughout the entire process. Maik took the time to explain everything clearly and made sure my wife and I got the best possible offer for life and illness insurance ⭐️ ⭐️ ⭐️ ⭐️ ⭐️.
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Geraldine M.
Geraldine M.
Thanks Aoife for taking the time and advice of best policy to take out
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What are the advantages of AVCs?

Additional Voluntary Contributions (AVCs) are discretionary payments individuals can make to supplement their pension savings beyond regular contributions to workplace or personal pension schemes. AVCs offer flexibility, allowing individuals to enhance their pension pot by contributing additional funds, providing financial security for retirement. These contributions are voluntary, empowering individuals to decide the amount and frequency of payments based on their financial situation. Moreover, AVCs may offer tax efficiency, potentially reducing overall tax liability through qualifying contributions. This flexibility and potential for increased retirement income make AVCs valuable for optimizing pension planning and ensuring a comfortable retirement.

With AVCs, you have control over your investment, enabling you to adjust contributions according to your evolving needs. Whether increasing, decreasing, stopping, or restarting contributions, this adaptability ensures your investments align with changing priorities. Eligibility for an AVC Plan typically arises upon becoming a member of your employer’s Superannuation Scheme, with contributions subject to Revenue-set limits and a minimum monthly contribution of €75 (or equivalent).

Tax Relief

Investing in an AVC allows you to benefit from tax relief on your investments,  For example: If your marginal rate of tax is 40% and you invest €100, the actual cost to you is €60 as you get 40% (€40) in tax relief. This makes it much more tax efficient compared to a savings account as you can also maximise your tax-free lump sum on retirement.

Retire Early

Every investment you make into your AVC will grow your Pension fund, gaining you closer to your ideal estimated fund value. Meaning you could be retiring sooner than you think. The state pension retirement age is ever increasing, why not personally take control of when you retire?

Flexibility

flexibility to modify your Additional Voluntary Contributions (AVCs) at your discretion. You can increase, decrease, stop, or restart your AVC contributions as needed. This adaptability allows you to align your pension strategy with changing financial circumstances, ensuring that you have control over the level of contributions based on your preferences, life events, or evolving priorities. 

Start a Retirement Planning today to have the future of your dreams!

Planning for retirement is a significant milestone. Whether you’re just starting to think about retirement or are already well into your retirement journey, this guide will help you make informed decisions and create a retirement plan that aligns with your financial goals. And it’s totally FREE! Don’t wait, download now!

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After you download your guide, one of our expert Financial Advisors will be in touch shortly to provide you with guidance and further relevant information to build you a customised retirement plan.

What are my investment options?

This is entirely your own choice and dependent on your risk profile, it is usually invested in a range of unit linked funds. You’ll have access to a wide range of different assets with varying degrees of risk, so you’ll be sure to find a solution that works for you.

Retirement options with AVCs.

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Your Questions Answered

We’re living longer than previous generations. Upon retirement, on average we will have 20-30 years of retirement. A pension plan will make sure you’re financially sound for these years. Whether you wish to travel, retire to the country, or spend time with your children & grandchildren.

The amount you will receive per month entirely depends on how much you’re willing to pay per month, the length of time you’ve been making contributions, the type of pension plan and its investment return. You can also choose to receive a lump sum upon retirement or not.

As of today, the State Contributory Pension is about €240 per week. For most people, during their 20-30 years of retirement, this simply isn’t enough. When you pay into a pension plan, you will receive both the state pension (If available to you) and your Pension Plan.

Tax relief reduces the actual cost of your pension. You do not have to pay tax on money that you put into a personal pension (This falls within the limits set out below). This is calculated at the highest rate of tax you pay (Currently 20% / 40%)

Example:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60

Warning: Past performance is not a reliable guide to future performance.      

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

Warning: If you invest in this product, you will not have any access to your money until you retire.   

Warning: If you invest in this product, you may lose some or all of your investment.     

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

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In the unfortunate circumstance that a customer contracts COVID-19 and dies, our life policies would pay out in line with our usual claims philosophy.

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