ARTICLE · 03 MARCH 2014

The Finance (No.2) Act 2013

Matheson

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The Act clarifies that no amendment to the governing trust documentation of a scheme is required in order to allow trustees to comply with an AVC drawdown request from a member.

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Deirdre Cummins

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Clarity regarding AVC drawdowns

Section 18 of the Act amends section 782A of the Taxes Consolidation Act, 1997 which introduced a mechanism whereby members could instruct trustees in writing to draw down up to 30% of their additional voluntary contribution ("AVC") fund prior to retirement. The option can be exercised on a once off basis within a three year period (ending on 26 March 2016)

The Act clarifies that no amendment to the governing trust documentation of a scheme is required in order to allow trustees to comply with an AVC drawdown request from a member. It states that AVC drawdowns may be effected by trustees notwithstanding section 32 of the Pensions Act 1990, which relates to a general non-entitlement to a refund of contributions, and any contrary provisions which may be contained in the trust deed or rules of a scheme.

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