To answer this question you need to have a thorough appreciation of your main Superannuation Scheme to assess what payments you will receive when you retire. Our financial consultants can help ascertain what your financial situation would be upon retirement.

Your Main Pension Scheme – In Brief
When you retire, your pension from your Superannuation Scheme will normally depend on your number of years’ service.

Scenario 1
If you have been paying Class D1 PRSI, you will need to have 40 years’ credited service to get the maximum pension from that scheme – and even with 40 years’ credited service, your pension will be only half of your pensionable earnings.

Scenario 2
If you are paying Class A1 PRSI (i.e. joined after 5th April 1995 or in a non-officer grade) then you will not get a pension of half your grade salary. Because you are paying Class A1 PRSI, you will normally be entitled to a State Pension* from age 68. The amount of the State Pension* will be deducted from your Superannuation Scheme pension entitlement.

For example if you are paying PRSI at the A1 rate and have worked for 40 years and have a basic salary of €800 per week:

So what happens if;
• You won’t have full service at retirement (job share/ work share/ late entrants etc)?
• You wish to increase your retirement benefits?
• You want to retire early?
• You want to increase up to 2/3rds final income?
• You want to increase your tax free lump sum/ invest in an Approved Retirement Fund?
• You want to provide for a bigger spouses pension?
• You want to increase your Death In Service benefit?

To appreciate if an AVC scheme is the right option for you, we recommend you discuss your own personal circumstances with one of our financial advisors. They will be able to highlight, in detail, what difference the AVC scheme could make to your retirement benefits.

Warning: These funds may be affected by changes in currency exchange rates
Warning: The value of your investment may go down as well as up