What exactly is an AVC?

An AVC (Additional Voluntary Contribution) is a tax-efficient way to top up your pension. When you retire, you can use the money invested in your AVC to buy the additional pension benefits you want, subject to Revenue rules.

With an AVC you are investing in your future, to enhance your lifestyle and the financial security you enjoy in retirement.

How an AVC scheme works. You pay €100 into your AVC account but it only costs you €60 because you get tax relief at 40%.
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Start your AVC today for your future tomorrow

Book a complimentary review with a financial advisor online. We calculate what your take home pay at retirement will be Review your pensions & investments Advise on best income protection, life insurance and AVCs
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Benefits of an AVC

When Retiring You can Choose the Pension Benefits that You Want.

When the time comes to retire, AVCs let you choose what benefits you want, these include:

  • Tax-free lump sum
  • Approved Retirement Fund
  • Taxable cash
  • Annuity

We highly recommended you talk to one of our financial advisors who will take you through the process, step by step, to help you maximise your options.

You have Full Control over How Much You Invest

It’s your AVC so you can increase, decrease, stop or restart your AVC contributions at any time.

This means as life events occur your priorities may change; so too can your investment, ensuring financial security when you retire.

Option of Early Retirement

An AVC can help you to retire early providing you with additional income of up to 2/3s of your final salary as well as an initial lump sum of up to 1 and 1/2 times your final salary.

Tax Relief

Investing in an AVC allows you to save money for your future and get tax relief right now!

For example, if you pay income tax at 40%, for every €50 you invest in an AVC the actual cost to you is only €30!

This is because you will get €20 of your €50 investment back in tax relief.

Why choose MadeSimple?

We use technology to facilitate a more personalised and environmentally friendly financial advice service from the comfort of your own home.

We aim to de-jargon pensions and personal finance, explaining them in lay mans language because we know they can be over complicated.

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Start your AVC today for your future tomorrow

Book a complimentary review with a financial advisor online. We calculate what your take home pay at retirement will be Review your pensions & investments Advise on best income protection, life insurance and AVCs
Book Now

AVC Frequently Asked Questions

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.

Anybody who is a member of a pension scheme can set up an AVC.

You can set up your AVC in three ways:

Option 1

Fill in our online financial report form. An advisor will generate a personal report for you. You can then schedule an online meeting with and advisor who can guide you through the process of setting up an AVC.

Option 2

Send us an email. One of our financial advisors will get back to you ASAP. E-mail: hello@madesimple.ie

Option 3

On the phone. Our friendly finance advisors are ready to help. Call us on 061 469884

There are lots of great reasons to start an AVC:
• You can benefit from tax relief
• An additional pension for you in retirement
• An additional pension for your dependants if you die after retirement
• Buying ‘missed years of service’ through the Purchase of Notional Service (PNS) Scheme
• An option to buy employer benefits, e.g. repaying a marriage gratuity, paying an amount deducted from your gratuity or paying outstanding Spouses’ and Children’s Scheme contributions.
*This option must be exercised prior to your retirement. †This benefit is not available to the Public Sector PRSA.

Subject to a minimum of €75 per month and a maximum determined by Revenue based upon your age, salary, and your other pension contributions 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. You can also make one off lump sum contributions.

Yes! Like regular pension contributions, you can qualify for income tax relief at your marginal tax rate when you make these extra contributions.

You cannot start soon enough, because the sooner you start the more money you can build up. The more money you can save, the better the benefits you can avail of at retirement.

If you decide to make a once-off lump sum payment into your pension before the 31st of October, you can still qualify for a tax relief in respect of the previous year. You should note that you will need to have lodged your claim for tax relief with your local Inspector of Taxes by 31October in any year for your application for tax relief to be considered by the Inspector of Taxes.