NUI Galway Group AVC Scheme

AVCs

‌‌‌As a member of the University of Galway Pension Scheme, you have taken the first steps to provide for your financial future. When you retire, you will expect to maintain the same standard of living, yet you will have more time to spend with your family, to go on exotic holidays and so on.  

The maximum amount that may be paid is a % of remuneration, less your current rate of contribution to pension/pension arrears/Group life cover/existing purchase of notional years/AVC’s. Also it depends on the employee's age at 31st December XXXX e.g. if you attained age 30 by the 31st. December 2020 then you may pay up to 20% of your 2020 remuneration as a single premium AVC.

Under 30            15%
30-39                   20%
40-49                   25%
50-54                   30%
55-59                   35%
60 and over      40%

This above represents the maximum contribution on which you may receive a tax credit in any year, and is subject to earnings cap of €115,000 and Standard Fund Threshold of €2.0m.

Your payslip available on ESS provides the University of Galway salary and deduction (pension/pension arrears/Group life cover/existing purchase of notional years/AVC’s) values  to calculate the potential AVC amount.

Details on how staff can submit a claim for tax relief on AVCs (Additional Voluntary Contributions) through myAccount : AVC claims in myAccount

AVC Investment Funds Booklet
Sustainable Investment & Preferences Guide

For all AVC queries please CONTACT:                                              

Eoghan Griffin (ACII QFA)  Mobile: 086 1742356 or 087 3580707    Email: Eoghan.griffin@newireland.ie  

New Ireland Assurance, 3rd Floor, Unit 7 Dockgate, Dock Road, The Docks, Galway, H91 V2FE        www.newireland.ie

NUI Galway (University of Galway) Group AVC Plan Application Form

NEW IRELAND PSOL (Pension Scheme On Line) 

Pensions Onlineis a secure, password-protected website from New Ireland Assurance, where you can view up to date information on your pension, including payments you’ve made, fund values and choice of funds. It forms part of our ongoing efforts to provide you with the information you need to get the most out of your pension.

Research* shows that we are now living much longer, men to age 78 and women to age 82.3, which means we will need more income in retirement.   (*CSO Statistical yearbook of Ireland 2010).

Pensions Online Guide

 www.newireland.ie/psol

New Ireland Brochure Approaching Retirement Jan 2015‌‌      

 

Presentations

AVC Presentation Apr 2022

Link to Webinar June 2020

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