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AVC's Advice

  • 05-03-2025 11:57AM
    #1
    JeanRasczak
    Registered Users, Registered Users 2 Posts: 28 ✭


    So I have a pension for many years, I have never done AVC's

    I have multiple savings accounts which are for long term etc but someone told me it would be better to put into my pension and then withdraw at 50 if I need for kids going to college etc. At the moment I put into state saving etc

    I have asked the pension company but they are next to useless.

    Just wondering is this the best method to save long term, well longish as I will be able to take out in a few years?

    Also do I just declare at end of year on PAYE anytime to get tax back? or how does it work? I put in 100 extra last month but didn't say anything on tax

    Sorry for the stupid questions but I have no idea as you can see :-)

    Post edited by Nody on


Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,517 CMod ✭✭✭✭Nody


    Mod:
    Moved to a more appropriate forum.



  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 14,313 ✭✭✭✭Geuze


    AVC benefits are paid out when you retire from the main job and start receiving the benefits from the main occupational pension scheme.

    If you feel that the combination of the State Pension and your occupational pension(s) will not be sufficient for your lifestyle in retirement, then yes, AVCs can enhance your future pension.

    Yes, tax relief is available on contributions to all pension schemes, including AVCs.

    If the contributions are made through payroll, then tax relief is typically provided at source.

    If you make conts outside of payroll, for example from your bank account, then you claim the tax relief yourself.



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