Pension Top Up (AVC)

Save a little more for your pension by topping up with an AVC. 

We’ll take care of it for you.

Your Team

What is an AVC?

Additional Voluntary Contributions (AVC’s) 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 pension option for you.

When you retire, you can use the money you invested into an AVC to buy additional pension benefits you want.

AVC Features

Tax relief with an AVC

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.

An AVC means you can retire earlier

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?

What are the 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 an AVC

Your Questions Answered

An pension plan is a longterm investment savings plan that helps you put something aside for your retirement. A pension plan enables you to pay regular tax-friendly installments or move one-off lump sums into a fund available to you on retirement. The amounts saved into your pension are called ‘contributions’

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.

As soon as possible. The money that you pay into your pension grows over time. It’s quite simply Time x Money. The sooner you start paying in; the more money will be available to you upon retirement.

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%)

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

If you have to retire because of medical reasons and you get Revenue approval, you can receive your benefits from your Pension immediately.

If you unfortunately pass away before you retire, your Pension will be paid to your estate.

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Pension Top Ups

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