How can I top up my Pension?

Additional Voluntary Contributions, or AVCs as they are more commonly known, are extra contributions you can make to your Retirement Savings Account to top up the value available to you on retirement.

The benefits of making AVCs are:

  • Maximize your potential tax-free lump sum at retirement.
  • Provide a higher pension income when you retire.
  • Tax Relief on contributions paid.
  • Tax Free Investment Growth.

 

Your AVCs (together with any regular pension contributions) are payable up to the following limits:

Under age 30 15% of Remuneration
Age 30 to 39 20% of Remuneration
Age 40 to 49 25% of Remuneration
Age 50 to 54 30% of Remuneration
Age 55 to 59 35% of Remuneration
Age 60 and over 40% of Remuneration

"Remuneration" is defined as all income assessable under schedule E from this employment (including benefit in kind and the value of shares provided under a Revenue approved share purchase plan) and is currently subject to a maximum of €115,000.



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