AVC Switching (Teacher)

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kevinb

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Hi All,

I am a 29 year old primary school teacher who has an AVC with Cornmarket (Irish life) for 2023 and 2024. I am looking to switch to a Zurich execution only AVC and pay 8.5% of my salary (work contributes 6.5%), maxing out my contribution of 15%. I will be 30 next year so will be able to contribute 13.5% (and work will contribute 6.5%) from January.

Q. I am wondering if I can transfer over my AVC from Cornmarket (Irish Life) to Zurich? Or is leaving the amount there untouched more beneficial.

Q. I am also wondering if I can schedule my Irish Life (Cornmarket) AVC to stop at the 31st of December and start my Zurich from the 1st of January?

Q. With the execution only service, can i adjust my AVC as my salary increases annually?

Q. When i have my execution only fund set up, when do you recommend revisiting it? 5-10 years before retirement I have heard?

Q. How do I claim tax relief each year, its through Revenue I have heard, but I am wondering which form is needed?

Q. My final question (the most important question) is which Zurich fund would you recommend? I have a picture attached. I would like to take a higher risk approach.

Any help with any of these questions would be greatly appreciated.

Thank you very much.
 

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kevinb said:
Q. I am wondering if I can transfer over my AVC from Cornmarket (Irish Life) to Zurich? Or is leaving the amount there untouched more beneficial.
Click to expand...
You can transfer at any time. It would probably be beneficial. But you would need to calculate this out.
kevinb said:
Q. I am also wondering if I can schedule my Irish Life (Cornmarket) AVC to stop at the 31st of December and start my Zurich from the 1st of January?
Click to expand...
Yes you can do this.
kevinb said:
Q. With the execution only service, can i adjust my AVC as my salary increases annually?
Click to expand...
Yes
kevinb said:
Q. When i have my execution only fund set up, when do you recommend revisiting it? 5-10 years before retirement I have heard?
Click to expand...
If you are comfortable to accept a higher risk level, you could leave your AVCs in the higher risk funds up to and beyond retirement. If you remain in your teaching job up to retirement age you will have a good pension. This would pay for your basic living expenses. You could therefore afford to take a higher risk with your AVCs as these are providing a nonessential bonus top up pension.
kevinb said:
Q. How do I claim tax relief each year, its through Revenue I have heard, but I am wondering which form is needed?
Click to expand...
You can set this up to be applied directly from your wages payments. This can be done on myaccount.
kevinb said:
Q. My final question (the most important question) is which Zurich fund would you recommend? I have a picture attached. I would like to take a higher risk approach.
Click to expand...
You could choose a few or all the orange funds. The Prisma funds and International Equity are mixed over a range of regions and are probably a better choice.

Avoid putting a large portion of your AVCs into a particular geographic region.

You can change funds and transfer existing funds anytime. You can do a few changes each year at no cost, so don't get to caught up in fund choice.
 
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