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Increasing pension contributions question.

  • 15-01-2022 9:44pm
    #1
    arthursway
    Registered Users Posts: 323 ✭✭


    Hi sorry to bother you guys but I'm not very clever with this pension stuff and was looking to clear things up.

    I am in a company pension for about 3 years with company I work for and that is with Irish life.

    My current employer contribution: 7%

    Employer contribution: 3%

    I emailed payroll in my company recently that I wished to increase my employee contributions to 11%.

    They emailed back saying:


    With further updates and instructions from Irish Life, employee contributions cannot be changed, it can however be processed as an AVC contribution

     

    Your employee contribution will revert to 2% and you can add a further 9% AVC for payrolls going forward.


    I ask you guys why I can't increase contributions normally and why the need to bring AVC's into it?



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