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An Additional Voluntary Contribution (AVC) is a pension contribution you make to your pension on top of your employer and employee contributions. However, the contributions being made between you and your employer may be below the maximum amounts allowed by the Revenue Commissioners.
AVC itself stands for Additional Voluntary Contribution and essentially is another pension product/contract that you could enter (basically it is a PRSA!). Just as your main scheme pension is a pension, your AVC is a pension. The money in your main scheme needs to be allocated to some sort of a fund, your AVC is the very same. Generally you’ll be given the option of ‘Low/Medium/High Risk’.
Here are few good reasons to make an AVC contribution today.
Enhance your retirement benefits
Boost your tax free lump sum.
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.