Additional Voluntary Contribution (AVC) Plan

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1 Public Service Executive Union Additional Voluntary Contribution (AVC) Plan Explanatory Booklet ffgeneral

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3 contents Introduction 3 Introduction 4 The Additional Voluntary Contribution Plan 5 What are Additional Voluntary Contributions? 8 Investment of AVCs 9 Friends First Funds 11 Irish Life Funds 13 Last Minute AVCs 15 Approved Retirement Funds 18 The Superannuation Scheme 21 The Purchase of Notional Service Scheme Proper planning for retirement is a vital aspect of your financial security. It is estimated that 95% of people in Ireland are not contributing enough towards pension provision. The subject of pensions can be complex and most people do not take the time to inform themselves on their entitlements until it is too late. It is important that you understand fully your entitlements and the options that are available to you to improve these benefits. The primary objective of this booklet is to explain to you, simply and concisely, the Public Service Executive Union Additional Voluntary Contribution Plan. In addition, it aims to provide you with information regarding your employers Superannuation Scheme, the Spouse s and Children s Pension Scheme and the Notional Service Purchase Scheme. More detailed information on these schemes should be obtained from your employer. You should bear in mind that this booklet contains only an outline of the plan above and does not create or confer any rights. The formal documents under the AVC Plan are the Declaration of Trust and Rules and the Policy Document. If any conflict arises between the formal documents and this booklet, then the terms of the formal documents will apply. 22 How do the plans differ? 25 Additional Information 26 Additional Contact Information Additional Voluntary Contribution (AVC) 3

4 The Additional Voluntary Contribution Plan In 1988 a Joint Additional Voluntary Contribution (AVC) Life Assurance Plan was set up for members of the CPSU/PSEU. In January 2005 this Trust Deed incorporated the AVC Plan for the PSEU & the CPSU. The Plan is set up under trust with appointed Trustees and the assets of the Plan are solely for the benefit of the members. The Plan has now been extended to provide the full range of retirement options. Trustees: Merlow Trust Ltd, 1 Merton Road, Rathmines, Dublin 6. ( / Office: / Mobile ) Administrators: Lyons Financial Services, Office 1, Dunboyne Business Park, Dunboyne, Co Meath. ( / Office: ) Roisin Lyons t/a Lyons Financial Services is regulated by the Central Bank of Ireland. The AVC Plan allows you to increase your retirement or death-in-service benefits in a taxefficient manner. The purpose of this section is to explain to you how the AVC Plan works and it is important that you familiarise yourself with its contents. The AVC Plan is registered with the Pensions Board and the Annual Report details the registration number. You are eligible to join the AVC Plan if you are a member of your Employers Superannuation Scheme. To obtain a personal quotation on the benefits of the AVC Plan you should contact: Lyons Financial Services Office 1 Dunboyne Business Park Dunboyne Co Meath Tel: (01) Fax: (01) Website: 4 Additional Voluntary Contribution (AVC)

5 What are Additional Voluntary Contributions (AVCs)? AVCs are a personal savings plan for your retirement. Due to full Income Tax relief being available the AVC Plan is a very tax efficient way of adding to your retirement benefits. AVCs are designed to generate a fund, which on retirement can be used to provide additional benefits. The AVC Plan does not provide defined benefits. Does my employer contribute? No. Additional Voluntary Contributions must be made entirely by you. Why should I contribute to the AVC Plan? You may use your AVC contributions to provide: Additional Retirement Benefits You may wish to retire early You may have short service i.e. you may not have 40 years service on retirement. You may have changed jobs a number of times and you may have missed the chance to join a pension plan in each of them. You may have taken a career break, or have been job-sharing or have availed of term time, during which period you would not have been paying pension contributions. For post 1995 new entrants you may wish to fund for the Social Welfare offset. An investment in an Approved Retirement Fund (ARF) at retirement (See page 15) Your AVC Plan can also provide a lump sum for your dependants/estate if you were to die before retirement. To purchase Notional Service under your employer s Superannuation Scheme The AVC Plan is designed to help you make up a shortfall in benefits or to retire early. Additional Voluntary Contribution (AVC) 5

6 Does the AVC Plan qualify for Tax? Yes. Under current tax laws you will get Tax relief on both your AVC Plan and your main Superannuation Scheme contributions provided that the combined amount in any one year does not exceed the following limits of your remuneration: Total Pension Contribution Limits for Tax Relief purposes Up to age 30 15% of total Gross Earnings years of age 20% of total Gross Earnings years of age 25% of total Gross Earnings years of age 30% of total Gross Earnings years of age 35% of total Gross Earnings 60 years of age + 40% of total Gross Earnings The effect of Tax is illustrated below for a top-rate Taxpayer (figures based on a contribution of 100 per month) Relief Contribution *less tax relief Net cost to you amount h100 h41 h59 *These tax rates are effective as at 2012 and assume higher rate of margin tax. What is the method of payment? All contributions are deducted from your salary and are transferred directly to the selected Fund Manager. Tax and PRSI Relief is granted on these deductions at source. How will I be advised of my contributions and fund value? You will receive a personal statement of benefits each year from the appropriate Fund Manager, which advise you of your cumulative contributions and their current value. It will also outline the charges levied against your contributions. 6 Additional Voluntary Contribution (AVC)

7 Can I change my contribution level? Yes. You have the flexibility to increase contributions subject to Revenue limits. Contributions may also be decreased, or interrupted indefinitely. You may also make once-off Single Premium contributions at anytime. How do I get my benefits at retirement? At retirement, the fund accumulated under your AVC Plan can be used to provide one or more of the following benefits, subject to Revenue limits: Tax free lump sum payment at retirement Member s pension (level or increasing) Spouse s pension (on death after retirement) Children s pension (on death after retirement) Investment in an Approved Retirement Fund (ARF) An additional lump sum which is taxable Purchase of Notional Service or added years under the Superannuation Scheme. Can I withdraw some of my contributions from the Plan? Since February 2002 contributions will only be refunded to employees with less than two years service, who are not entitled to a preserved benefit under the Superannuation scheme on ceasing employment. Imminent legislation will allow access to up to 30% of AVC funds prior to retirement. For further information contact Lyons Financial Services directly. Can I assign my AVC plan? No. The Revenue Commissioners will not allow your AVC plan to be assigned or used as security for a loan. Additional Voluntary Contribution (AVC) 7

8 Will I be required to show evidence of my age and marital status? Yes. If you are married you may also have to produce your marriage certificate and evidence of your spouse s and children s ages. What is the situation if I am separated or divorced at retirement? If you are living apart from your spouse but not legally separated, the Trustees may exercise their powers of discretion to pay all or part of your AVC Fund to a financial dependant other than the spouse and to pay the balance to the spouse. If you are legally separated or divorced it is likely that the Courts will have decided on the proportion of your AVC fund pension payable to an ex spouse. For further information regarding Pension Adjustment Orders under the Family Law Act you may contact the Pensions Board. When a Pension Adjustment Order has been granted, benefits under the Scheme will be allocated in accordance with the Court s directive to the Trustees. Investment of AVCs Where are the contributions invested to build up a sum of money for my retirement? Contributions are invested in what are known as Exempt Investment Funds which grow free of tax. The Fund Managers are Irish Life Investment Managers and Friends First, and there are a wide range of investment funds available to meet your risk profile and requirements. Contributions are used to purchase units in these funds. Because the Plan is set up under Trust, the investment growth earned on the fund is tax-free. The individual makes an investment decision following a consultation with the Lyons Financial Services Consultant having reviewed their financial requirements and scope to do an AVC. If you change your work status, retirement date, employer etc, contact Lyons Financial Services to review your AVC Plan. 8 Additional Voluntary Contribution (AVC)

9 Friends First Funds Fixed Interest Fund - Low to Medium Risk The Friends First Fixed Interest fund allows you invest in a range of strongly rated government and corporate bonds, predominately in the Euro currency area. Although this fund is suitable for more cautious investors, it should be considered as a medium to long term investment as it can produce negative returns. Key Features: May show lower growth potential than equity fund but considerably less volatile Ideal to use to reduce overall risk in a portfolio. Index Linked Fund - Low to Medium Risk The Friends First Index Linked fund allows you invest in strongly rated Eurozone government bonds which pay coupons which increase with inflation. Although this fund is suitable for more cautious investors, it should be considered as a medium to long term investment as it can produce negative returns. Key Features: Long-term returns are protected against inflation Inflation rate linked to either local or Eurozone inflation rates, which may vary from Irish inflation. Additional Voluntary Contribution (AVC) 9

10 Compass Cautious Fund - Low to Medium Risk This portfolio could be described as a low to medium risk fund. Its value can go down but we wouldn t expect it to experience dramatic losses in normal market conditions. Compass Cautious will mainly invest in defensive assets such as Government and corporate bonds but will have some exposure to equity markets and other growth assets. Key Features: Ready made portfolios designed for your appetite for risk Broad diversification across different investments and asset classes Use of efficient funds to ensure overall portfolio management charge is kept low. Warning: The value of your investment may go down as well as up. Warning: Funds may be affected by changes in currency exchange rates. Warning: If you invest in this product you may lose some or all of the money you invest. Warning: The income you get from this investment may go down as well as up. 10 Additional Voluntary Contribution (AVC)

11 Irish Life Funds Capital Protection Low Risk The fund aims to give investors the benefits of some equity participation while at the same time ensuring that the value of the fund will not fall. Where clients switch their assets out of the Capital Protection Fund Irish Life may apply a Market Value Adjustor, thereby reducing the amount available. This reduction does not apply to transfers to other arrangements which occur within nine months of leaving employment or on retirement or death. Currently the Market Value Adjustment is 0%. Pension Protection Low to Medium Risk This is an actively managed fixed interest fund, which invests predominantly in longdated Euro-denominated government securities. These securities are effectively loans to governments with repayment dates of ten years or more. The fund is designed to outperform the Merrill Lynch EMU Government >10 year index. The fund managers aim to add value by managing which countries are chosen and how long the bonds will last before they mature. The Personal Lifestyle Strategy Fund For AVCs The Personal Lifestyle Strategy adapts how your Additional Voluntary Contribution (AVC) fund is invested as you move towards your retirement age. PLS is designed to meet two very important needs for pension scheme savers: It helps protect your pension fund value against market fluctuations as you get closer to your retirement date and It directs your investment into appropriate funds that best match the benefits that you are likely to take on your retirement. The strategy will be reviewed regularly, so that it will automatically change over time to take account of changes in retirement regulations and investment opportunities. When these reviews are carried out, all customers using PLS automatically benefit from the changes. Additional Voluntary Contribution (AVC) 11

12 Which investment funds are used in PLS? Consensus Medium to High Risk The Consensus Plus Fund is predominantly invested in international equities with some holdings in bonds, cash and property. The split of these assets is based on the consensus Fund. In addition to these holdings a number of different asset classes are included in the fund to give greater diversity. Pension Stability Low Risk The Pension Stability Fund is mainly invested in bonds, with some investment in cash, equities and alternative assets. It aims to help protect your pension fund against market movements. Tax free Cash Low Risk The Tax Free Cash Fund is a low risk fund which invests in bank deposits. It will be used for your likely tax free cash benefit. Not only does the Personal Lifestyle Strategy help to protect a member s fund value against market movements but it also ensures that the member s investment is in appropriate funds for the retirement benefits that the member is likely to take. Warning: The value of your investment may go down as well as up. Warning: Funds may be affected by changes in currency exchange rates. Warning: If you invest in this product you may lose some or all of the money you invest. Warning: The income you get from this investment may go down as well as up. 12 Additional Voluntary Contribution (AVC)

13 Last Minute AVCs On retirement, a member s tax free lump sum from the Superannuation Scheme may be less than the Revenue approvable sum. This shortfall can be made up by taking tax free cash from the AVC Plan or by making a Last Minute AVC contribution prior to retiring. If a member has the scope to do so, they can claim tax relief on their Last Minute AVC payment against their remuneration in the year of retirement and also the preceding year. This tax relief is based on the age related contribution percentages of remuneration set out on Page 6 of this booklet. Tax relief will be granted at the member s marginal tax rate (i.e. 20% or 41%). Example: A Member with a salary of 60,000 and a marginal tax rate of 41% retires at normal retirement age after 28 years service. He/she will receive a tax-free cash lump sum equal to 63,000 from the Superannuation Scheme (i.e. 3/80th x 60,000 x 28). Under Revenue rules, the member could receive a tax free lump sum of 90,000 (i.e. 60,000 x 1.5 salary). If the member has an AVC fund he/she could draw down 27,000 from the fund tax free. If, however, the member does not have an AVC fund, he/she could make a Last Minute AVC payment prior to retirement and obtain a tax refund of 11,070 and a tax free cash cheque of 25,650 from the insurance company (i.e. 27,000 less charges of 810, equal to 3% of the investment). In summary, by making the Last Minute AVC payment of 27,000 the member receives back payments of 36,720. In addition, the member will receive tax free cash of 63,000 from the Superannuation Scheme. Last Minute AVC s are a very tax efficient method for members to bridge any shortfall between the tax free cash lump sum for the Superannuation Scheme and the maximum Revenue approved tax free cash entitlement. You will need to contact a Lyons Financial services adviser at least 4 weeks prior to your official retirement date so we can establish if you have scope to make a Last Minute AVC payment. The consultant will ensure that all necessary administration and documentation is completed for you to avail of the Last Minute AVC. Additional Voluntary Contribution (AVC) 13

14 What are the charges on my contributions? The Net allocation rate and charges by the Insurance Companies are as follows: Monthly Premiums Irish Life Friends First Allocation Rates (Net) 99% 96.5% Bid/Offer Charge Nil Nil Policy Fee 3.85 p.m.* 3.85 p.m.* Less Management Fee 1% 0.60% % *The policy fee increases annually. Friends First and Irish Life offer a range of funds with a management charge of 0.60% to 1.375% The above charges cover all the costs of scheme administration and servicing, including the remuneration of the Trustees and Lyons Financial Services. Lyons Financial Services will receive commission from the Fund Managers on the following basis: Friends First: Initial and subsequent increases: 2% x the number of years to retirement (subject to an overall max. of 20%) Renewal 4.75% Irish Life: Initial and subsequent increases: 1% x the number of years to retirement (subject to an overall max. of 15%) Renewal 2% The Trusteeship fee payable to the Trustees is currently 1.00 per month on regular contributions. Details of the actual charges paid by members will be set out in the member s annual benefit statement as issued by the respective Fund Managers. 14 Additional Voluntary Contribution (AVC)

15 The allocation Rate for Single Premiums is: Single Premium Irish Life Friends First Allocation Rates 97.5% 97.5% Less Management Fee 1.00% 0.60% % Single Premiums & Last Minute AVCs - 3% remuneration for Lyons Financial Services Is it possible to switch investment options? Yes. Friends First and Irish Life will allow you to make two free switches within their own funds respectively each year. Is it possible to switch between Investment Managers? Yes. However, members wishing to switch Investment Managers may incur additional charges. For further information members are advised to contact Lyons Financial Services. Approved Retirement Funds A major advantage of the AVC Plan is the option on retirement to invest in an Approved Retirement Fund (ARF). Rather than using your fund to purchase a pension, which will die with you unless you opt for a spouse s pension, you may choose at retirement to invest your AVC fund in an Approved Retirement Fund. Growth within the fund is tax free and is only subject to tax when drawn down. This option allows you to control the funds built up in your AVC fund. The 2006 Finance Act introduced a new tax for ARF S. Revenue now assumes that you have withdrawn a percentage each year from your ARF whether in fact you have withdrawn money or not. The rates applicable are 5%. Rising to 6% in respect of ARF asset values over m2m. This tax will only apply when an ARF holder is aged 60 or over for a full Tax Year. Additional Voluntary Contribution (AVC) 15

16 All draw downs from the fund will be treated as income and will be subject to tax in the normal way. On death any balance remaining in the ARF will pass to your spouse or estate for the benefit of your beneficiaries. Approved Minimum Retirement Fund (AMRF) If you do not have an income of 12,700 per annum at retirement, you may invest in an AMRF. Capital withdrawals from an AMRF are not permitted prior to age 75 except to purchase a pension. You may, however, draw down growth arising within the fund regardless of your income. This will also be subject to income tax at your marginal rate. Pensions and Approved Retirement Funds at a glance Pensions You will receive a guaranteed income for life. The pension you will receive depends on how old you are at retirement. The rate of annual pension depends on annuity rates which are linked to interest rates, gender and average life expectancy. Unless you opt for spouse s pension your pension will die with you. Approved Retirement Funds You continue to control and own your fund after retirement. Subject to a low minimum yearly amount, you may opt for a regular income drawdown as and when you need it. Unlike a pension, any balance remaining in the fund after your death will pass to your estate, any tax due will depend on your relationship to your beneficiaries. Lyons Financial Services will provide you with advice on these options at retirement. 16 Additional Voluntary Contribution (AVC)

17 Contribution limits The maximum amount of contribution that qualifies for tax relief (up to 40%) depends on your age (see page 6), and your remuneration in any tax year. This limit applies to the total of your contributions to your Superannuation Scheme i.e. your ordinary pension contributions, your spouse s and children s benefits any Notional Service you are purchasing and your additional voluntary contributions. Benefit limits The following limits apply to the combined benefit of your Superannuation Scheme and AVC Plan: The maximum pension is 50% of your final salary at retirement. If you have less than 10 years pensionable service with your employer when you retire, your limit decreases, depending on the length of actual employment plus: The maximum tax-free lump sum at retirement is one and half times your final annual salary. If you have less than 20 years pensionable service with your employer when you retire, your limit decreases, depending on the length of actual employment. The maximum spouse s pension (to be provided for at retirement) may be 100% of your pension. The Superannuation Scheme limit is currently 50%. The rate at which your AVC pension can increase in the course of payment could be limited in certain circumstances. Notes: The tax position outlined in this booklet is subject to any subsequent legislative changes that may occur. Any life cover payments may be liable to Capital Acquisitions Tax and/or Probate Tax depending on the circumstances of each case. Additional Voluntary Contribution (AVC) 17

18 The Superannuation Scheme The Superannuation Scheme is the pension scheme operated by your employer and is a defined benefit scheme. This means that the benefits are based on your years of service and your salary at retirement. Years of service includes the following: Permanent Service Temporary Service Part time Service All Pensionable Service. All service in a public sector or semi state body will be taken into account when calculating your service for retirement benefits. In order to qualify for maximum benefits under the Superannuation Scheme you will need to have completed 40 years service. Depending on certain criteria you can retire from age 50 onwards. Membership of the scheme is compulsory for all permanent employees and certain categories of temporary and part-time employees may also join the scheme. How are the benefits calculated? There are two different categories of employees, those who joined service before 6th April 1995 and those who joined subsequent to that date. For those who joined prior to April 1995 the benefits are calculated as follows: Annual Pension = Service x Salary x 1/80 Tax Free Lump Sum = Service x Salary x 3/80 For those who joined service post April 1995 the salary for the purpose of calculating the annual pension will be reduced by twice the rate of the Contributory State Pension. The calculation with regard to the lump sum remains unchanged. Your pension will increase in line with any salary increases granted to working public sector workers. 18 Additional Voluntary Contribution (AVC)

19 How much does the Superannuation Scheme cost? If you joined service prior to April 1995 and are a member of the spouse s and children s scheme you will contribute 1.5% of salary to the scheme. If you joined service subsequent to April 1995 the cost is as follows: 1.5% of your full salary plus 5% of your full salary less twice the Contributory State Pension. What happens if I die in service or in retirement? On death in service the main Superannuation scheme provides for a lump sum payment of a minimum of one years salary to a maximum of 1.5 times salary. Assuming that you are a member of the Spouse s and Children s Scheme an annual spouse s pension of half of your own pension calculated with reference to your potential service to age 65 will also be payable. There is also provision for children s pension of one third of the spouse s pension subject to a maximum of three children. This pension is payable until the child reaches age 23 if in fulltime education, otherwise it ceases at age 18. On death in retirement, the scheme will pay a spouse s pension of one half of your own pension plus children s pension if applicable. Can I purchase additional years of service? Yes. You may opt to purchase additional years of service through the Purchase of Notional Service Scheme (PNS). This scheme is operated through your employer and allows you to pay additional contributions to purchase extra years of service at a specified cost per annum. This cost will depend on your age and your chosen retirement age. When purchasing notional service you must purchase the full range of retirement benefits appropriate to the number of years you are purchasing you cannot choose which additional benefits you would prefer. There is however, a limit to the number of years that can be purchased. Additional Voluntary Contribution (AVC) 19

20 These limits are set out in rules of the scheme and vary considerably depending on your potential service to age 60/65. Under the current rules of the scheme you may only purchase the service that you will be missing at age 60/65. Therefore, it is not possible to purchase notional service if you will have 40 years service at age 60/65. If you opt to purchase service under the PNS Scheme and continue to make the recommended contributions to retirement, your additional benefits are guaranteed. Thus, if you opt to purchase 5 years, you will receive an additional 15/80ths of salary by way of lump sum, plus 5/80ths of your salary as additional pension and where applicable 2.5/80ths of salary by way of a Spouse s Pension. Pensions purchased under PNS will increase in line with salary increases awarded to individuals who are still in service. Is tax relief available on contributions? Tax relief is available on contributions up to the same limits as set out on page Additional Voluntary Contribution (AVC)

21 The Purchase of Notional Service Scheme How can I get more information on Notional Service? You should contact your Employer for your options in this regard. Notional Service and Additional Voluntary Contributions When considering increasing your retirement benefits you should look in detail at the options available to you. You can choose between the Additional Voluntary Contributions (AVC) Plan or the Purchase of Notional Service Scheme (PNS) or decide on a combination of both. Both plans aim to provide enhanced benefits at retirement, however there are significant differences between the schemes. Additional Voluntary Contribution (AVC) 21

22 How do the plans differ? Although the AVC Plan does not offer similar guarantees to PNS, it does have many important features. Contributions to the AVC Plan are invested in a pension fund, the ultimate benefits from which will depend on the term of the investment, investment returns over the period and the amount contributed. The objective of the AVC Plan is to create a fund at retirement to purchase the specific benefits that meet your requirements. It is possible to be selective with regard to the benefits purchased under the AVC plan, for example you may wish to purchase a lump sum only, a pension only or a spouse s pension only or a combination of these benefits. It is also possible to incorporate death benefits under the AVC Plan to a far greater extend than under the PNS Scheme. Another significant difference between the two plans is that the AVC plan provides you with access to an Approved Retirement Fund (ARF). In essence this means that at retirement you are no longer obliged to purchase a pension with your AVC fund. You can invest your AVC fund in an ARF and withdraw income as and when you require it. This option allows you to retain ownership and control of your pension fund in retirement and any monies remaining in your ARF will pass to your spouse or estate on death. How do I choose which plan suits my circumstances? The guarantees offered by the Purchase of Notional Service Scheme (PNS) are attractive, however it is important to remember that the PNS does not allow the same flexibility for early retirement as the AVC Plan. If you opt to retire before 60/65 the years purchased under the PNS can be significantly reduced. In addition, the PNS will only allow you to purchase benefits up to the maximum provided under the Superannuation Plan, whereas the AVC Plan will allow you to purchase benefits up to Revenue maximum. Therefore, there are a number of circumstances where PNS is not permitted but AVCs can be made, namely: (a) where you wish to provide additional life cover or spouse s and dependants pension (b) where your pension is reduced by virtue of your entitlement to a Social Welfare pension. This provision applies to all employees who joined service after 6th April Additional Voluntary Contribution (AVC)

23 Will my pension increase in line with post retirement salary increases? It is important to remember that additional pension purchased under the PNS will increase in retirement in line with salary increases awarded to individuals who are still employed. This is a very valuable feature of the PNS. The AVC Plan does not offer similar increases. Pensions purchased under the AVC Plan may remain at the same level throughout or may increase (normally 3% per annum) if the member so elects at retirement. However, if the member elects to avail of an escalation factor, this will impact on the amount of pension payable from the annuity. Can I use my AVC Fund to purchase PNS? It is possible, with agreement from your employer, to transfer your AVC fund to the PNS to purchase additional years of service. This provides members with the option of switching from the AVC Plan to PNS at any time prior to retirement. It is not possible to transfer from the PNS to the AVC plan. AVC v PNS Benefit Limits Benefit PNS Limits AVC Limits Tax Free Lump Sum 1.5 times salary 1.5 times salary Annual Pension 50% of salary In excess of 50% of salary Spouse s pension 50% of members pension 100% of members pension Death gratuity times salary 4 times salary Social Welfare offset No provision Restore offset in full Approved Retirement Fund No provision Access to ARF / AMRF For further information on PNS you should contact your superannuation department. Additional Voluntary Contribution (AVC) 23

24 Contribution limits set by Revenue The maximum amount of contribution that qualifies for tax relief (up to 40%) depends on your age (see page 6), and your remuneration in any tax year. This limit applies to the total of your contributions to your Superannuation Scheme i.e. your ordinary pension contributions, your spouse s and children s benefits, your additional voluntary contributions, and Income protection contributions. Benefit limits The following limits apply to the combined benefit of your Superannuation Scheme, Notional Service and AVC Plans: The maximum pension is 50% of your final salary at retirement. If you have less than 10 years pensionable service with your employer when you retire, your limit decreases, depending on the length of actual employment plus: The maximum tax-free lump sum at retirement is one and half times your final annual salary. If you have less than 20 years pensionable service with your employer when you retire, your limit decreases, depending on the length of actual employment. The maximum spouse s pension (to be provided for at retirement) may be 100% of your pension. The rate at which your AVC pension can increase in the course of payment could be limited in certain circumstances. 24 Additional Voluntary Contribution (AVC)

25 Additional Information Complaints All enquiries or complaints on any aspect of the administration and investment of your AVC Plan should be addressed in the first instance to Lyons Financial Services,Office 1, Dunboyne Business Park, Dunboyne, Co Meath, Tel: (01) , Fax: (01) Lyons Financial Services will acknowledge your enquiry/complaint immediately and will keep you advised of progress on a regular basis in accordance with the procedures laid down by the Financial Regulator. If you are dissatisfied with the response provided by Lyons Financial Services you can contact the Trustee of the Plan- Mr. John O Quigley, Merlow Trust Ltd, 1 Merton Road, Rathmines Dublin 6, who will investigate the matter on your behalf. ( / Office: / Mobile: ). The Trustee will investigate the complaint on behalf of the member. If a complaint relates to financial loss due to a failure in the administration of the Plan, members may request to have their claim investigated under the Internal Disputes Resolution Procedure. This request must be made in writing to the Trustees enclosing all relevant documentation relating to the complaint. The Trustees will investigate the matter and will issue a Notice of Determination on the outcome of the investigation to the complainant. The Pensions Ombudsman cannot as a rule investigate a complaint or dispute until the matter has gone through the Internal Disputes Resolution Procedure. In the event that you are dissatisfied with the outcome of the Internal Disputes Resolution Procedure you may contact the: Pensions Ombudsman, 36 Upr Mount Street, Dublin 2, ( ) who will examine your complaint and issue a Final Determination. The website at contains detailed information on how to make a complaint. You may also contact the Financial Regulator, College Green, Dublin 2, ( ). Additional Voluntary Contribution (AVC) 25

26 Complaints Procedure Additional Contact Information Lyons Financial Services Office 1 Dunboyne Business Park Dunboyne Co Meath Tel: (01) Fax: (01) Website: Roisin Lyons t/a Lyons Financial Services is regulated by the Central Bank of Ireland. 26 Additional Voluntary Contribution (AVC)

27 Additional Voluntary Contribution (AVC) 27

28 Lyons Financial Services Office 1 Dunboyne Business Park Dunboyne Co Meath Tel: (01) Fax: (01) Website: Roisin Lyons t/a Lyons Financial Services is regulated by the Central Bank of Ireland. BKR032 PSEU Apr. 13

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