When it comes time to cash in your AVC, is the fund value what you actually get to buy your annuity, or is there a tax hit? If, for instance, you have €150,000 in your fund, do you actually get €150,000 to buy your annuity with or will it be less than that? I ask because of the tax relief you get on your contributions. It strikes me that the government is going to want some of that back come the glorious day. How much would a fund of €150,000 actually be worth?