Last Minute AVC (tax free lump sum)

[getmeoutofhere]

Hi, I'm 58, and can avail of using a last min AVC when I retire.

I plan staying another few years - maybe till 64,

I don't currently have an AVC,
Can I now start an AVC, invest 35% of last years salary into the AVC (in a lump sum), put 35% of this years salary in as a lump sum also and leave that sitting there until the year I retire when I'll take out those two amounts to top up my tax free lump sum?

 

[Conan]

Simple answer is YES
BUT you can only use the AVC pot to add to your retirement lump sum up the Revenue limits (a max of 150% of Final Salary, subject to certain conditions). If you are already getting the Revenue max lump sum from your Occupational Pension, then you cannot get the AVC pot in addition.

 

[getmeoutofhere]

Simple answer is YES
BUT you can only use the AVC pot to add to your retirement lump sum up the Revenue limits (a max of 150% of Final Salary, subject to certain conditions). If you are already getting the Revenue max lump sum from your Occupational Pension, then you cannot get the AVC pot in addition.

Thanks, No I'll be well short of the 150% so can avail of extra tax free.

Time to set up that AVC so.....