I have got details from 2 brokers regarding AVC. But I cant figure out which one is the best value for money.
Company A:
Setup Fee: 400
Annual Fee: 1%
Policy Fee: 0
Contribution Charge: 0
Bonus money at retirement: 0
Company B:
Setup Fee: 0
Annual Fee: 7% of annual contribution towards AVC
Policy Fee: 0
Contribution Charge: 0
Bonus money at retirement: 5% of total fund amount
There is probably an occupational AVC scheme provided by the union that will facilitate net pay deduction (meaning they will give you the tax relief directly) but if you decide to go with another provider you will have to claim the tax relief back from revenue yourself. Thats no big deal by the way, you provide them evidence of your contributions and evidence from your employer of what pension tax relief you have received during the year.