Daddy,
It is not quite that simple.
If you invest €50k gross between you, then you will get tax relief (at 41%) on the way in. However when you come to draw down the fund (whether as an annuity or from an ARF) you will pay tax on the drawdown (the total tax rate depending on your total combined income).
Where the AVC will make sense is if you can use the AVC Fund to augment your retirement lump sum (either up to 150% of Salary or 25% of your total fund). So getting tax relief on the way in but getting some or all of the AVC fund back tax free (or taxed at 20% if the total lump sum exceeds €200,000) makes perfect sense.
Equally, if you pay tax at marginal rate now but expect to pay tax at the basic rate (20%) post retirement, then it also makes sense.
Without knowing all the figures (your expected funds/pensions on reaching age 60) it is hard to be precise.
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