If you want to take less risk than the asset allocation suggested for your target year, you could allocate your Additional Voluntary Contributions (AVCs) to a more conservative lifecycle fund. You also have the option to invest your AVCs in a more aggressive portfolio if you are willing to take more risk.
With AVCs, you contribute as much – or as little – as you like. There’s no maximum and no minimum.
Plus, you can save a different amount each month if you want, based on what you can afford. You decide how to invest your AVCs. Choose from one of our Lifecycle Funds, all run by world-class investment managers.
Save through your employer by payroll deduction, or set up a Chamber AVC account and send in your contributions as you’re able.
To begin making contributions towards your AVCs, please download and fill the AVC application form below and submit by email to email@example.com.
You can make a one-time election to have your basic or mandatory contribution allocated to a more conservative Lifecycle Fund.
The National Pensions (Amendment) Act, 2016 was published in the Gazette in June 2016, however these legislative changes to the National Pensions Act did not come into effect until the date listed in the Commencement Order. In accordance with the National Pensions (Amendment) Act, 2016 (Commencement) Order, 2016, section 47 (10), which permits access to additional voluntary contributions ("AVC"), came into effect on the 31st March, 2017.
Section 47 (10) allows pension plan members to access their AVC, prior to reaching the normal age of pension entitlement, under four categories: medical purposes, temporary unemployment, housing purposes and educational purposes. If the member has AVCs that they have not accessed prior, the AVC can be paid as a lump sum when the member reaches the normal age of pension entitlement.
See Guidance Note for more information below:
How to apply
The member should apply directly to their pension plan administrator and there is no need for the application to be submitted to the Department of Labour & Pensions unless the administrator needs to clarify if the request is permissible.
There is no requirement for a pension plan member to repay the AVCs that are withdrawn for any of the four categories.
Frequency of access
A member is permitted access to their AVC up to 4x per calendar year, for the four categories permissible in the National Pension (Amendment) Law 2016.
Monthly reporting by administrators
The pension plan administrator will be required to file a report with the Department of Labour and Pensions by the 10th of each month.