Pensions adequacy: boosting your pension pot

If your pension contributions won’t deliver the lifestyle you want at retirement, then Additional Voluntary Contributions, or AVCs, are one good way to boost your pension pot

Seek financial advice on your pension.  If you contribute to a PRSA set up by your employer, you get tax relief automatically and don’t have to claim it yourself. Your employer may also contribute to your PRSA but they don’t have to.

Providing for retirement is one thing. Providing enough for retirement is quite another. If your pension contributions won’t deliver the lifestyle you want at retirement, there are ways and means of upping your contributions and/or making lump sum investments into your pension pot.

If you already have an occupational pension, the best way to do this is via the Additional Voluntary Contribution, or AVC. AVCs are a way of increasing your employer pension benefits if they may fall short of the maximum benefits you can get at retirement.