Increase Your Pension
What are AVCs
Additional Voluntary Contributions (AVCs) are contributions that members can make in addition to their normal contributions to an occupational pension scheme in the public or private sector to increase your retirement benefits.
Members of CWPS are already building up valuable benefits for their retirement. However, by saving a little more into their Pension Account through AVCs this can help members achieve the lifestyle they want in their retirement!
AVCs that are paid to CWPS are all commission free so 100% of the amount saved is invested in the members' Pension Accounts.
AVCs are also a smart and tax efficient way of saving for retirement, as relief from Income Tax is allowed on AVCs at the marginal rate. This means that if a member saves AVCs through their employer as a deduction from salary, the reduction in take home pay is much less than the amount of the AVC they are saving.
If a member prefers not to have deductions made through their payroll they can still save by paying directly to CWPS and then claim tax relief directly from Revenue at the end of each tax year.
All AVCs saved to CWPS are added to the members Pension Account and the total fund is invested on their behalf for their future retirement.
By saving AVCs members are building up extra retirement benefits and they can also increase their options at retirement as they can avail of an Approved Retirement Fund (ARF) or (AMRF) with their AVC fund at retirement.
For further information on how your AVCs are invested and how they can accumulate over the lifetime of your pension and other information - see our sub menu’s on this page.