Additional Voluntary Contributions (AVC) – AVCs are tax efficient pension contributions that can be made where an individual’s pension fund is likely to fall short of Revenue’s maximum allowable benefits. Payments can be monthly or one off, typically paid in October each year, when the individual is finalising his previous year’s tax affairs.
The Finance Act 2013 has provided an option for any AVC scheme member to access funds from their AVC account
A brief overview:
– This option will be available for a period of 3 years from 27th March 2013 to 26th March 2016
– The option can only be availed of on a once-off basis
– You can access and withdraw up to 30% of your AVC Investment fund
– Withdrawals will be liable for tax.