Taking back AVCs

[Voodoo]

Hi all,

I had a question to throw out that I hope you can help with.

I have been paying about €150 of AVCs into my pension over the last 3 years every month. With the pensions not performing greatly (I know an understatement), I was wondering if I have any options open to me to take back my AVCs and utilise them for something else.

Firstly, is this possible and if it is, can I take these back for the last 3 years?

Secondly, if it is possible, how do I go about paying the tax on these as I believe they will be subject to tax.

Is this advisable or not?

 

[LDFerguson]

You cannot access AVCs until you retire.

Stock-market investments go down as well as up. If you are considering bailing out the first time they go down, perhaps you should consider a different risk profile.

 

[boaber]

Wrong, LD Ferguson. You may, subject to certain approvals, move your AVC money into another pension product. More usually, public-servants who were badly advised by their Trade Unions to purchase AVCs to top up their public-service pensions (typically, where they joined the public service in their 30s or 40s and would not have sufficient service before retirement) may use their AVC fund to purchase added service - a much better use of the money.

But that's not what the OP is asking

I was wondering if I have any options open to me to take back my AVCs and utilise them for something else

in which case LDFerguson is correct