3 Top Reasons to make an Additional Voluntary Contribution
An Additional Voluntary Contribution (AVC) is a contribution you make to your pension on top of your employer and employee contributions.
To obtain tax relief against 2019 income you need to make your AVC by the 31st of October 2020 or the 12th of November 2020 if you are filing with Revenue Online System (ROS).
Here are 3 good reasons to make an AVC contribution today.
1. Tax relief
- You will receive tax relief at your marginal rate against your contribution, so broadly speaking if you on are on the higher tax rate and make an AVC of €100, it will only cost you €60.
- Any AVC will grow tax free within your pension.
2. Enhance your retirement benefits
- Boost your tax free lump sum.
- Boost your fund and therefore your retirement income.
- Protect your dependants, as AVC contributions are paid as a lump sum in the event of death in service.
3. Choice
- The Harvest self administered options will give you the flexibility to invest your contributions where you choose from a wide range of investments, deposits, property or private equity.
Please note if you are no longer employed by the employer attached to the scheme, we cannot accept an AVC to your existing self administered pension. We can, however, provide an alternative structure.
Should you have any queries or wish to make a contribution, please us on 01 2375500 or email justask@harvestfinancial.ie
