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What if I want to take my AVCs as cash?

If you pay additional voluntary contributions (AVCs) via the Scheme you may elect at retirement to take up to 100% of the accumulated fund in your AVC account as a tax-free lump sum provided that when added to the Scheme lump sum it does not exceed 25% of the overall value of your Scheme benefits (including your AVC fund).  To avail of this tax-free benefit you must draw your AVC at the same time as your Scheme benefits.

If you do not take your AVC fund at the same time as your Scheme benefits you will be restricted to tax free cash of 25% of your AVC fund value.

Alternatively, if you are aged 55 or over, you could choose to transfer your AVC to a defined contribution (DC) scheme that offers flexible options.