Pensions

pmaccer

Hi. Does anyone know if I can pay a lump sum into my prsa pension.

NewCorkLad

More than likely.

Speak to a financial adviser.

PaulM1977

It depends on how much you have paid in already. Depending on your age, you can pay in a percentage of your net relevant earnings.

A person under 30 can pay in 15% of his salary, from 30 to 39 can pay in 20%, 40-49 can pay 25%, 50-54 can pay in 30%, 55-59 can pay 35% and 60+ can pay in 40%.

If you have not reached these limits with regular or previous lump sums for the year in question, then you can pay in up to these levels, which will allow you to obtain tax relief on the contributions you make. Anything above these levels will not be eligible for tax relief.

Thanks,

PaulM

pmaccer

PaulM1977 wrote: »

It depends on how much you have paid in already. Depending on your age, you can pay in a percentage of your net relevant earnings.

A person under 30 can pay in 15% of his salary, from 30 to 39 can pay in 20%, 40-49 can pay 25%, 50-54 can pay in 30%, 55-59 can pay 35% and 60+ can pay in 40%.

If you have not reached these limits with regular or previous lump sums for the year in question, then you can pay in up to these levels, which will allow you to obtain tax relief on the contributions you make. Anything above these levels will not be eligible for tax relief.

Thanks,

PaulM

Thanks
But can I pay this year for tax relief on 2014

PaulM1977

It is possible to pay it in for 2014 but speak with a tax advisor to make sure this is still possible to do, based on your own personal circumstances.

Thanks,

PaulM

coylemj

The deadline for paying a lump sum into an AVC for the previous year was/is Oct 31st so you'd need to get your skates on if it's possible with a PRSA.

pmaccer

coylemj wrote: »

The deadline for paying a lump sum into an AVC for the previous year was/is Oct 31st so you'd need to get your skates on if it's possible with a PRSA.

Eh what's an AVC?

PaulM1977

Additional Voluntary Contribution