3 Top Reasons to make an Additional Voluntary Contribution
An Additional Voluntary Contribution (AVC) is a contribution you make on top of your employer and employee contributions. To get tax relief against 2014 income you need to make your AVC by the 31st of October 2015 or the 12th of November 2015 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.
Should you have any queries or wish to make a contribution, please contact us on 01 2375500 or email justask@harvestfinancial.ie.
The information contained herein is based on Harvest Financial Services Limited’s understanding of current Revenue practice as at October 2015 and may change in the future.
The material is not intended to provide advice and is provided for general information purposes only.
Warnings: If you make contributions to a pension product you will not have any access to your money until you retire. The value of contributions you make to a pension product may go down as well as up and you may get back less than you contribute.
