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Company Director Pension

  • 20-08-2017 12:06pm
    #1
    td2008
    Registered Users, Registered Users 2 Posts: 481 ✭✭


    Hi,
    I'm a company director and have been paying into a pension - i believed it was 100% through the "employer" but looks like its down as 100% employee contributions, my accountant says there's tax implications now ( i think usc & prsi from what i read online?)
    Is it possible to go back and change the contributions somehow?
    I will speak to my pension advisor tomorrow


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    What kind of pension is it? PPP or PRSA I'm guessing.

    Best efficiency and flexibilty is to set up an employers scheme, with the employer paying the premiums.


  • #3
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    td2008 wrote: »
    Hi,
    I'm a company director and have been paying into a pension - i believed it was 100% through the "employer"................

    Was it from the company bank account to the pension or from your own personal account?

    Hard to fathom how there could be confusion tbh.


  • #4
    td2008
    Registered Users, Registered Users 2 Posts: 481 ✭✭td2008


    Yes, it's a PRSA. Coming directly out of the company bank account but I guess revenue would be more interested in what is defined on the pension.


  • #5
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    td2008 wrote: »
    Yes, it's a PRSA. Coming directly out of the company bank account..............

    From 1 January 2016 employees don't have to pay the Universal Social Charge on employer PRSA contributions. I'm not sure what you mean by "revenue would be more interested in what is defined on the pension", the payments are company/employer contributions.

    That accepted, and as Henry mentioned best to set up an employers scheme, an executive pension. Fed from the company account.

    If your pensions advisor knows you are self employed company director and they didn't discuss an executive pension with you I'd be finding a new advisor. And they should know your employment status.


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