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Pension contributions for jointly accessed

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  • 04-02-2024 1:23pm
    #1
    Silverdream
    Registered Users Posts: 601 ✭✭✭


    I am max on my AVC's into my job pension. I have the option to add further AVC's but I would be over the 25% threshold. My wife works in the public service but is not in a position to make AVC's into her pension for another few years. Since we are jointly assessed for tax can I make further AVC into my pension to make up the unused allowance we have?



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    #2
    HRG
    Registered Users Posts: 26 ✭HRG


    Have a similar question myself so hoping this will help bump the thread or did you ever get info on this yourself?



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    #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,720 Mod ✭✭✭✭Henry Ford III


    If you're maxed out and your wife can't pay AVCs I can't see how there's any further scope.



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    #4
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    Since we are jointly assessed for tax can I make further AVC into my pension to make up the unused allowance we have?

    What you're referring to is not an 'allowance', it's a maximum contribution (as a % of your gross income) that can be made free of tax and it does not apply to a couple, it's per individual, regardless of marital status. What you can aggregate as a married couple are PAYE allowances and the standard rate (20%) band but pensions are treated differently.



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    #5
    FlipFlopAgain
    Registered Users Posts: 14 ✭FlipFlopAgain


    You say "My wife works in the public service but is not in a position to make AVC's into her pension for another few years."

    Is this because she can't afford it? Or is it some limitation with her pension scheme or some restriction on her contract of employment?

    If the former, then you could gift her some money so that she could make AVCs and make use of the tax relief.

    If the latter, and you have a mortgage, then overpaying the mortgage might be your next best option to use up some free cash that you have.



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    #6
    CramCycle
    Moderators, Sports Moderators Posts: 24,951 Mod ✭✭✭✭CramCycle


    https://www.boards.ie/discussion/2058334599/pension-contributions-for-jointly-accessed

    So ask her to buy some anyway and you contribute more to the running of your lifestyles, seems quite simple.



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