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3.10 Additional Voluntary Contributions (AVCs)
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Available only to members of occupational schemes.
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Additional contributions from the employee only, must be within
the overall personal contribution limit of 15%, and must not take
projected benefits over Revenue maxima.
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Schemes must offer the chance to contribute to an AVC, which may
provide extra benefit by means of 'additional years' in final salary
schemes, or additional fund.
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Charges are borne by the employer through the scheme.
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Tax relief for the contribution is immediate, as AVCs are deducted
from gross salary, together with any usual contribution to the main
scheme. This is known as the "net pay" system
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