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diy avc

  • 13-11-2014 7:21pm
    #1
    bungaro79
    Registered Users Posts: 1,207 ✭✭✭


    hi all,

    changed my job from finance to teaching a few years back and began working full time since 2008 (i had some subbing done in 2006/7 before i went travelling for the year). i've been in the same primary school since then and now i'm 35 i'm looking into starting an avc pension. i already have an nsp to make up for the 3 and a bit years of full pension i'm missing since joining the job late.

    so i'm wondering if an avc is the way to go, just to bump up the money coming in when i retire. i don't want to deal with cornmarket so i'm looking into doing the avc myself. has anyone done this and if so is it straightforward enough??


Comments

  • #2
    joebloggs32
    Registered Users Posts: 1,591 ✭✭✭joebloggs32


    bungaro79 wrote: »
    hi all,

    changed my job from finance to teaching a few years back and began working full time since 2008 (i had some subbing done in 2006/7 before i went travelling for the year). i've been in the same primary school since then and now i'm 35 i'm looking into starting an avc pension. i already have an nsp to make up for the 3 and a bit years of full pension i'm missing since joining the job late.

    so i'm wondering if an avc is the way to go, just to bump up the money coming in when i retire. i don't want to deal with cornmarket so i'm looking into doing the avc myself. has anyone done this and if so is it straightforward enough??

    The big advantage of going through cornmarket is the deduction at source means the tax is all sorted for you. If you go diy you may have to go through the revenue commissioners to claim relief.


  • #3
    bungaro79
    Registered Users Posts: 1,207 ✭✭✭bungaro79


    i don't mind going through revenue joe, won't be using cornmarket


  • #4
    Geuze
    Registered Users Posts: 13,064 ✭✭✭✭Geuze


    joebloggs32 wrote: »
    The big advantage of going through cornmarket is the deduction at source means the tax is all sorted for you. If you go diy you may have to go through the revenue commissioners to claim relief.

    This is not a big advantage.

    Sorting out the tax relief is simple.

    The massive fees charged by Cornmarket are a problem.

    One fee is a 450 consultancy fee.

    See here:
    http://www.cornmarket.ie/product/The-teachers-AVC-scheme

    You may spend 30 mins - 1 hour to deal with tax relief.

    Cornmarket will charge lots..


  • #5
    Jackred
    Registered Users Posts: 4 ✭Jackred


    I bought an execution only AVC PRSA and getting the tax back is no problem. However, I'm wondering how I connect up my AVC to my civil service pension scheme? I see people here seem to know their way around, so any ideas.


  • #6
    Geuze
    Registered Users Posts: 13,064 ✭✭✭✭Geuze


    Connect up? In what sense?

    An AVC is designed as an addition to an occupational scheme. They are already connected.

    The benefits you may get from the AVC are linked to the work pension benefits.


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  • #7
    Jackred
    Registered Users Posts: 4 ✭Jackred


    Geuze wrote: »
    Connect up? In what sense?

    An AVC is designed as an addition to an occupational scheme. They are already connected.

    The benefits you may get from the AVC are linked to the work pension benefits.


    The AVC arrangement in the civil service is union-sponsored and done by Cornmarket. My execution only PRSA AVC is with Zurich and I don't know how to "pay it into" the civil service scheme.


  • #8
    Geuze
    Registered Users Posts: 13,064 ✭✭✭✭Geuze


    You don't "pay it into" the civil service scheme.

    At retirement, you will draw benefits from the AVC, separate from the monthly work pension.

    Example: some people convert their AVC fund into an ARF and draw a monthy income.


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