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NUI Galway Group AVC Scheme

NUI Galway Group AVC Scheme

AVCs

‌‌‌ As a member of the University of Galway Pension Scheme, you have taken the first step to provide for your financial future.

Additional Voluntary Contributions (AVCs) are ‘top up’ contributions which can make a real difference to your retirement income. You can pay a once off lump sum, or set up AVCs to be deducted from your salary each month. The University of Galway has put in place a Group AVC Plan with New Ireland to help you invest for your retirement and to top up the benefits which you will receive from the pension scheme.

Your AVC contributions benefit from tax relief (subject to Revenue limits) and tax free growth. Your contributions are automatically deducted from your salary with tax relief granted at source, and are forwarded to New Ireland for investment. The amount deducted will appear on your payslip – available here ESS.

On retirement, your AVC fund can be used in a number of different ways to top up the benefits that you receive from the University of Galway Pension Scheme.

Please note that it is important to have considered whether you can purchase added years in respect of your membership of the University of Galway Pension Scheme. Further information is available here

The  Navigator Master Trust – AVC Plan is governed by one trustee, General Investment Trust DAC. As one of the longest established trustee companies in Ireland, General Investment Trust DAC currently acts as trustee for over 1800 pension schemes for both the public and private sectors.

The Member Booklet contains more information on the plan.

How do I join the AVC plan?

There are a number of things to consider when setting up an AVC plan including:

  • Benefits provided by the main scheme
  • The maximum you can pay into AVCs as a % of remuneration, less your current rate of contribution to pension/pension arrears/Group life cover/existing purchase of notional years/AVCs etc.
  • Investment options
  • How you will draw down your benefits at retirement
  • How to keep up to date with you AVC plan

It’s important to get qualified advice. The New Ireland Plan Advisor Eoghan Griffin (ACII QFA) is happy to talk through your options and help you join the AVC plan.

You can contact Eoghan at:

Eoghan can also help you with any other queries in relation to the AVC plan including setting up a new AVC contribution, fund switches and top ups.

Eoghan Griffin

 Can I check my plan information online?

You can keep up to date with your AVC plan on Pension Schemes Online (PSOL). PSOL is a secure, password-protected website from New Ireland, where you can view up to date information on your AVC plan, including payments made, fund values and choice of funds.

Log on to PSOL at www.newireland.ie/psol

 You can find information on how to register for PSOL and how to use the platform in the PSOL Employee User Guide and PSOL employee video  

New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group. The Company may hold units in funds mentioned on its own account.

 

 

Investment Funds

Your Plan offers you a choice from a range of different funds into which contributions can be invested. The Investment Choice Guide provides you with information about the different investment funds which the plan offers and is intended to help you reach a decision in relation to your investment choice. It outlines the main features of each of the funds, including:

  • Information about the main features of the funds
  • An indication of the level of risk involved
  • The asset split in each fund.

The funds listed below are available under your plan. Information on the funds including their profiles and their historical performance is available by clicking on the relevant link.

You can find more information on the funds in the Investment Choice Guide

Sustainable investing

PRIME funds

New Ireland’s PRIME range of funds, available under the plan, incorporates ESG goals into its investment process.

PRIME funds are categorised as Article 8 under the Sustainable Financial Disclosure Regulations (SFDR) meaning they promote, among other characteristics, environmental or social characteristics, or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices. The fund manager State Street Global Advisors (SSGA) use exclusions, tilting and asset stewardship to promote Environmental and Social objectives as well as promote good governance.

Passive IRIS

The PRIME 3 fund is a significant element of the Passive IRIS (ARF Option) fund. We will be building greater integration of Environmental, Social & Governance (ESG) into Passive IRIS In 2024.

Find out more about New Ireland’s approach to sustainable investing at www.newireland.ie/sustainableinvesting

Presentations

‌AVC Presentation 2024

 

 

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