With AMRFs and ARFs you re-invest your pension and withdraw the money when you need it. To take out an Approved Retirement Fund you must have a pension income of €12,700 per year. If you don’t have this income you must invest €63,500 of your pension into an Approved Minimum Retirement Fund or buy an Annuity of equal value. When you put this money in an AMRF or an Annuity you can no longer put any remainder into an ARF.
Additional Voluntary Contributions or AVCs are extra contributions you can make alongside your existing pension plan.
Before considering making AVCs, you should check if it is necessary. To check you should find out what you will be entitled to when you retire. This includes benefits from your current employer and any pension benefits accumulated from previous work.
If you feel that your pension plan will not result in accumulate and adequate sum and you would like to increase it, you may be entitled to pay AVC's.