Thinking of Withdrawing Money From Your AVC?
I am aware that many of the people considering the withdrawal from their AVC are not in a position to borrow from their credit union. However, the above comparison is a good illustration as to why it may not be a good idea.
The AVC is a long term investment intended to help people supplement the basic level of income provided by the State pension.
It is important that you be fully aware of the implications of withdrawing AVC’s before doing so. While early access will be welcomed by many people, clients should consider their options carefully before deciding to avail of it.
Furthermore, many employees have Life Assurance policies with a fund attached to them. Indeed, many are unaware that this fund exists! It is important to note that in the event of the employee or partner dying during the term of the policy, this fund is wiped away. Accessing the money in this fund would be more beneficial than
withdrawing from the AVC.
Useful Numbers and Information:
Irish Life 01 7041010
Revenue Commissioners 1890 444 425
Group Scheme Number 602543
Employer Reference Number 4567139h
Please note: the information contained in the above article was obtained from consultation with Irish Life, the Revenue Commissioners, and the Pensions Board. The above is for information purposes and the views and opinions expressed are the views of the editor. Each individual should consider their own personal circumstances and the implications thereof before withdrawing an amount from their AVC. Information correct at 26th April, 2013.