How do I get started?
Members of CWPS can save AVCs to their Pension Accounts by two different methods, either by deduction directly from salary or by direct payment to CWPS.
Paying AVCs through your salary
AVCs are a tax-efficient way of saving for your retirement as relief from Income Tax is allowed on AVCs paid to your fund. This means that, if you save your AVCs through your employer as a deduction from your salary, the reduction in take home pay is much less than the amount of the AVC you are saving.
For example, the saving of a regular AVC of €100 would reduce your take home pay in the 2022 tax year as per the table below.
You can fill out Section A, B and C of our application form and return it to CWPS, we will then let your employer know that you want to have AVC deductions made from your salary. Your employer will deduct the agreed amount through the payroll, apply the tax relief at your marginal rate and send the AVC to CWPS along with your regular contributions.
For our AVC application form, visit our downloads page.
Paying AVCs directly to CWPS
If you prefer not to have deductions made through your payroll, you can save amounts directly to CWPS by personal cheque or standing order. While Income Tax relief will apply you will have to claim your tax relief directly from the Revenue at the end of each tax year.
For our AVC application form, visit our downloads page. You can fill out Section A, B of our application form and return it to CWPS, Section D must also be completed if you want to make regular payments by Standing Order. At the end of each tax year CWPS will send you a certificate of your AVCs paid to CWPS by you and you can claim tax back at your marginal rate of tax.