Additional Voluntary Contributions (AVCs)
If you are already a member of a company Group Pension Scheme, then you may be in a position to improve the benefits you receive on retirement by making extra payments, known as AVCs, through an AVC/PRSA.
The benefits of an AVC/PRSA:
Tax relief on your contributions.
Any investment growth is tax free.
Flexibility – it’s portable and you can stop and restart making contributions at any time without penalty.
You can take a tax-free cash lump sum. How you take your tax-free cash lump sum will depend on how you take your retirement lump sum from your occupational pension scheme. If you take 25% of your occupational pension scheme as a retirement lump sum, you can also take 25% from your PRSA AVC as a retirement lump sum.