Personal PRSA

PaddyOTG

Hey guys,

Moved to a new job who do not offer a employer contributions so set up a PRSA.

I was told i could claim tax relief for this online via revenues website. Is this correct or do I have to wait until the end of the year to claim it back?

silent_spark

Your employer should have a designated PRSA provider, and should have offered to deduct your contribution from your salary at source, giving you the tax relief immediately.

PaddyOTG

silent_spark wrote: »

Your employer should have a designated PRSA provider, and should have offered to deduct your contribution from your salary at source, giving you the tax relief immediately.

Thanks for your reply so to confirm if I do not go through my employer I will have to wait until the end of the year?

The issue is my pension provider advise I could log in to revenue to claim relief immediately. I was looking around and everything points to claiming it back at the end of the year.

notharrypotter

silent_spark wrote: »

Your employer should have a designated PRSA provider, and should have offered to deduct your contribution from your salary at source, giving you the tax relief immediately.

Curious, can you link where it states the employer must provide a deduction from your salary.

I understood all they had to do was give you details of a pensions provider.

silent_spark

notharrypotter wrote: »

Curious, can you link where it states the employer must provide a deduction from your salary.

I understood all they had to do was give you details of a pensions provider.

They must facilitate deductions: http://www.pensionsauthority.ie/en/LifeCycle/Joining_a_plan/Employers_obligations_to_provide_access/

silent_spark

PaddyOTG wrote: »

Thanks for your reply so to confirm if I do not go through my employer I will have to wait until the end of the year?

The issue is my pension provider advise I could log in to revenue to claim relief immediately. I was looking around and everything points to claiming it back at the end of the year.

I'm not sure, but my understanding is that you would have to wait until after year end when you can prove your annual income (and therefore calculate the correct tax relief).

Henry Ford III

silent_spark wrote: »

I'm not sure, but my understanding is that you would have to wait until after year end when you can prove your annual income (and therefore calculate the correct tax relief).

...and show that you've actually made the contributions.

PaddyOTG

Thanks for all the replies guys.

sibeen99

When I set up my PRSA I was provided with documentation to submit to revenue and the credits were applied immediately. No need to wait to claim it back. This was several years ago, not sure if it's changed since then.