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  • 16-09-2014 6:41pm
    #1
    razorhead
    Registered Users Posts: 407 ✭✭


    A family friend is retiring from BNM next month and is looking at making a last minute AVC. The following are some figures.
    The best average 3 years gross pay is €56084.51
    The best average 3 years gross for USC/income levy purposes is €58,307.37
    Gratuity due is €44,090.69
    years of service 34.491
    Which is the gross pay figure used in calculating the Revenue max?
    What is the maximum avc he can buy? Is there any "best" place to go to purchase an avc?
    Any assistance would be greatly appreciated.
    Thanks


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    #2
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    If he is 60 and over, he can pay 40% of gross earnings into a pension. That includes all the regular contributions he made into the scheme.

    Only people who own more than 20% of the voting rights in their company have to use the 3 year average rule. If last years salary was higher, can can use that.


    Steven


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