Max I can contribute to AVC?

Thinking of making an execution only AVC with Cornmarket. I’m 43 so can contribute 25% of salary. If I’m making lump sum amount to AVC before Oct 31 2018, how do I calculate the maximum amount I can contribute? Do I look at my pension contributions for 2017?

Yes, 25% of your 2017 salary less any pension contributions made in 2017. All the required information should be on your P60

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

Thanks Steven, you’re always very good at replying. I’m a teacher. My total pay was 63306.6 and PRD was 3472.22. How much of an AVC can I make? Does USC have any impact on potential AVC? Tia

USC has no bearing on the deduction. Neither does the PRD.

The normal pension contribution for a public servant is 6.5%, so you should be able to contribute 18.5%. You need to check the figures though on your P60. Accurate information can't be given without sight of it.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

Thanks Steven