Financial Services | Additional Voluntary Contributions

At Lyons Financial Services, we understand that building a strong financial foundation for your retirement is of utmost importance. That’s why we’re excited to introduce you to Additional Voluntary Contributions (AVCs), a powerful tool that can help you achieve your retirement goals faster and more effectively.


What is an AVC?

AVCs are a smart way to boost your retirement savings beyond your standard pension contributions. They allow you to set aside extra funds to secure your financial future. With Lyons Financial Services, you’ll have access to expert advice and guidance to make the most of your AVC strategy.


Benefits of AVC’s

Accelerate Your Retirement: AVCs let you supercharge your savings, helping you retire with more funds at your disposal. This means you can enjoy the retirement you’ve always envisioned without worrying about financial constraints.
Tax Advantages: AVCs often come with tax benefits, allowing you to save more on taxes while increasing your retirement nest egg. Our experts will help you navigate the complexities and ensure you maximise your tax advantages.
Financial Flexibility: Life is full of surprises, and AVCs offer you the flexibility to adapt to changing financial needs. You can adjust your contributions as your circumstances evolve, giving you control over your retirement planning.
Expert Guidance: Our experienced advisors are here to provide personalised guidance every step of the way. From creating a customised AVC plan to monitoring its performance, we’re committed to helping you achieve your retirement aspirations.


Is it a good option for me?

Many people ask this question, especially those approaching retirement, have a shortage in service OR indeed a surplus in service (and are over Normal Retirement Date). In these cases, the answer is YES: a Last Minute AVC is suitable.


Opting for a Last Minute AVC offers benefits such as a tax refund at your highest tax rate and zero risk to your funds. The entire process typically takes about 3 months to complete. 


Consider someone earning €40,000 annually, a pre-‘95 civil servant with less than 40 years of service, and planning to retire soon, they should consider a Last-Minute AVC. If you have a service shortfall of 5 years, you could potentially qualify for €7,500, resulting in a tax refund of €3,000 from Revenue.


The primary purpose of choosing a Last Minute AVC is to claim a tax refund from Revenue for taxes already paid in the year of retirement (including the prior year). Given that your service won’t be complete on your retirement date, you won’t receive a full tax-free lump sum from your Employers Superannuation Scheme. To bridge this gap, Revenue permits the use of the last minute AVC.


This option is also suitable if you have a surplus in service, ie. over 40 years and have passed your Normal Retirement Date.


The most important action is to put the AVC in place before your actual date of retirement. Remember, administration takes some time so you must do this whilst still in employment.


Secure your financial future by incorporating AVCs into your retirement strategy. Contact Lyons Financial Services today to learn more about how AVCs can benefit you and to start building a retirement that’s comfortable, secure, and aligned with your dreams. Simply call our helpline on 01 801 5808 or click here to Ask our Experts a question.


Don’t leave your retirement to chance. Choose AVCs with Lyons Financial Services and take charge of your tomorrow.