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Lump sum into Pension?

  • 27-11-2017 11:52pm
    #1
    Shefwedfan
    Closed Accounts Posts: 18,958 ✭✭✭✭


    So I have a pension. It was started automatically since I joined my company. I pay x per month into it. I never really checked it or done anything with it.

    Not the greatest with checking tax credits etc, got a finance guy to look over everything a few years back and he gave some tips. Was looking at stuff this evening and see about a tax credit for paying into pension.

    I am earning a good bit over my tax credits so paying a lot of tax. Am I correct in think I could potentially take a lump of that money I pay into tax and move into pension instead?

    Or does it work that simple? I seen the min requirements by age etc....

    Tried reading revenue etc but very light on info.....


Comments

  • #2
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    You should take proper advice OP...

    But to answer, it's not that you can pay money into your pension that you would ordinarily pay in tax but rather by paying money into your pension, you get tax relief on that amount so you pay less tax so if you've already paid the tax to revenue then it can't be adjusted into a pension.

    Any lump sum can be made via an additional voluntary contribution depending on revenue limits related to age and salary. Again proper advice is the way to go


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