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Pensions

Additional Voluntary Contributions (AVCs)

You may have scope to make Additional Voluntary Contributions (AVCs) under a separate arrangement. The aim of AVCs is to voluntarily augment your overall retirement benefits. Each member's scope for AVCs differs depending on personal circumstances.

AVC deductions may be made on an ongoing basis through Payroll or by way of a lump sum payment (Personal Cheque/Bank Draft). Revenue restrictions apply to the amount of tax relief that may be granted.

A detailed AVC Member Information Booklet is available here.

What do I need to do if I wish to investigate making AVCs?

  • The Trustees and Scheme Administrators must endeavour to ensure that maximum retirement benefit limits prescribed by Revenue are not breached. Accordingly, the University requires that a detailed AVC quotation be provided by the Scheme Administrator to members interested in commencing or increasing AVCs.
  • Personalised AVC Quotations are requested by the Pensions Office from Mercer.

The following information must be submitted in writing to the Human Resources Pensions Section to allow an AVC Quotation to be prepared:

  1. Written confirmation of your Civil Status
  2. Written confirmation that either:
    • You hold no Retained Benefits under any other pension arrangement; OR
    • You do hold Retained Benefits under another specified pension arrangement. If this is the case, you must contact the Scheme Administrator of your former pension scheme and request updated Leaving Service Options to include an equivalent Transfer Value to ensure Revenue limits are not compromised.

On receipt of your AVC Quotation, should you wish to proceed with commencing AVC deductions via salary (up to the notified threshold), you should complete and return the Irish Life AVC Application Form to the Human Resources Pensions Section to allow payroll deductions to commence.

As with any issue affecting retirement planning, we recommend that you consider consulting with an independent Financial Advisor on a personal basis to ensure that AVCs meet your financial needs.

What do I need to do if I wish to revise my AVC Deductions?

Decreasing/Ceasing your AVC Deductions

If you wish to decrease or cease your AVC Deductions, you should email the Human Resources Pensions Office at pensions@tcd.ie. A request will be forwarded to the Payroll Office to implement your instruction at the next available payroll date. AVCs cannot be refunded retrospectively.

Increasing your AVC Deductions

If you wish to increase your AVC Deductions, a formal updated AVC Quotation must be requested from the Human Resources Pensions Office, in writing, before any increase can be effected through payroll. The Trustees and Scheme Administrators must endeavour to ensure that maximum retirement benefit limits prescribed by Revenue are not breached.