SIPTU representatives secure improved AVC scheme for nurses, midwives and health social care professionals
SIPTU representatives have today (Friday, 3rd February) secured an improved Additional Voluntary Contributions (AVC) scheme for members working in nursing, midwifery and as health social care professionals.
SIPTU Sector Organiser, Kevin Figgis said: “Following a year of lengthy negotiations between SIPTU, Cornmarket and insurance companies we have secured a substantial reduction in the contribution charge on regular contributions to the AVC scheme. The contribution charge has been reduced from 3.75% to 2%.
In the long term, it will mean more money in members’ pockets at retirement.”
In a statement to members, Cornmarket stated the improved AVC scheme for SIPTU members was made possible due to a number of factors; including pressure from SIPTU and Cornmarket on the insurance companies for a reduction in charges. In addition, the savings generated for the insurance companies through Cornmarket’s innovative streamlined technology made the argument to reduce the charges all the more convincing.
SIPTU and Cornmarket are committed to regularly reviewing the AVC scheme to ensure it remains first in class for members. We are confident that this reduction in charges is likely to result in enhanced returns for members in the AVC scheme at their normal retirement date.
Please note: The reduction in the contribution charge only applies to regular premium contributions within the Irish Life scheme. Others schemes are currently in negotiations and updates will be made available. For the very small minority, the charge for single premium AVC contributions, i.e. a once off payment will remain at up to 4%.
For more on Cornmarket offers for SIPTU members please click here