An Additional Voluntary Contribution (AVC) is a pension contribution you make to your pension on top of your employer and employee contributions.
Here are 3 good reasons to make an AVC contribution today.
- Tax relief
- You will receive tax relief at your marginal rate against your contribution, so broadly speaking if you on are on the higher tax rate and make an AVC of €100, it will only cost you €60.
- Any AVC will grow tax free within your pension.
- Enhance your retirement benefits
- Boost your tax free lump sum.
- Boost your fund and therefore your retirement income.
- Protect your dependants, as AVC contributions are paid as a lump sum in the event of death in service.
- The Harvest self administered options will give you the flexibility to invest your contributions where you choose from a wide range of investments, deposits, property or private equity.
Please note if you are no longer employed by the employer attached to your existing self administered pension, we cannot accept an AVC. We can, however, provide an alternative pension structure.
SOURCE: The information contained herein is based on Harvest Financial Services Limited’s understanding of current Revenue as at October 2016 and may change in the future.
This material is not intended to provide advice and is provided for general information purposes only.
Warnings: If you make contributions to a pension product you will not have any access to your money until you retire. The value of contributions you make to a pension product may do down as well as up and you may get back less than you contribute.