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Pension AVC Contributions

  • 26-01-2016 3:55pm
    #1
    DulchieLaois
    Registered Users, Registered Users 2 Posts: 466 ✭✭


    Hi,

    I am seeking some advise on buying shares and putting them into Pension plan in form of AVC.

    How can I do this and secondly, how do I notify revenue that AVC contributions were made so I am not taxed

    Thanks


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    That's not how an AVC works. You need to be already in a company or state pension scheme and your employer needs to set up an AVC scheme (with Revenue approval) for their employees, you can then elect to pay additional contributions into that scheme and your employer will deduct the contributions from your gross salary. Your money is then invested in the same way as a defined contribution fund and you will usually have some say over what type of funds it's invested in.

    The 'A' in AVC is the key - it refers to 'additional' (voluntary contributions) so you can't simply do a stand-alone AVC, it has to be paired to an existing occupational scheme.

    AVCs are contributions that you can make in addition to your normal contributions to an occupational pension scheme in the public or private sector to increase your retirement benefits

    http://www.pensionsauthority.ie/en/LifeCycle/Paying_more_to_improve_benefits/Additional_voluntary_contributions_AVCs_/


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