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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.

Detailed Information and useful tools regarding AVCs are available on the Zurich website. You may find the information below particularly useful if you are thinking of commencing AVCs:

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 AVC Application Form to the Human Resources Pensions Office 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.

How can I make a lump sum payment?

  1. Request quotation or confirmation of scope to pay lump sum from Pensions Office by emailing pensions@tcd.ie.
  2. On receipt of the quotation from the Pensions Office you can then elect to pay a lump sum up to the maximum amount quoted.
  3. You should then complete the Zurich AVC Application Form.
  4. You will need to transfer the funds electronically to the Zurich bank account, quoting scheme reference number (60528494). The bank details for Zurich can be found here.
  5. Email the completed form with details of the exact payment amount and date to escashiers@zurich.com and CC Aspire@zurich.com and pensions@tcd.ie. The AVC scheme number is 60528494 and this should be included in your email subject.
  6. On receipt of the payment and AVC Form, Zurich will issue a letter confirming receipt. You should note that you do not require this letter before claiming the tax back from the Revenue.
  7. You can claim the tax relief directly from the Revenue through the normal channels.
  8. Your next AVC annual statement will include the lump sum and any investment return.

Any questions regarding the above should be sent to pensions@tcd.ie.