You can't withdraw funds from the AVC pre retirement, so how can funds in the AVC be used now to buyback years of service?
Really?
So if I have 10k in an Irish Life AVC, at age 40, I can direct IL to sell those shares/funds, and they will issue me with the funds, that I then use to pay the HSE to buyback years?
I have a number of options re purchase:
Use some of my AVC fund to cover the €5300 thereby reducing the AVC fund to less than €8000.
Leave the AVC fund as it is and pay the €5300 myself and claim the tax relief on it.
Hi EarlyRiserWould your HR allow you to do this by salary deduction? I have done this in the past. If so, you could either reduce your AVC amount or pause payments for whatever length of time the salary deduction takes. (Or leave the AVC as is, if you can afford it and the total combined amount remains within your age related limits).
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