Can I vary the amount I pay in?

In general, yes. However, there may be a requirement under your company pension scheme to make a minimum contribution. If you are thinking about reducing your level of contributions, you also need to find out the impact this could have on your projected income at retirement. If you want to increase your contributions you can do so via Additional Voluntary Contributions (AVCs), which are currently a very attractive way to save for your retirement.

Additional Voluntary Contributions (AVCs) can be set up to supplement your retirement savings and therefore increase your pension benefits at retirement. AVCs provide a tax efficient way of saving for your retirement and can be used to address any potential shortfall in income you may have on retirement. A pension advisor in your local Bank of Ireland branch can give you more details about the benefits of making AVCs.