Query Re having more than 1 pension?

Wollran

Registered User
Messages
88
Hi All,

I have a Personal Pension, to which I contribute 350 per month, this was set up about 1 year ago.
Subsequent to this, my employer set up a pension scheme at work (Aug 2014), and they contribute a little less than 2200 per annum to this policy.

I did enquire at the the time if it was possible for my employer to contribute the funds to my personal pension, but because it wasn't a PRSA or an Executive Pension, this could not be facilitated.

Someone has now mentioned to me that there is a problem with this setup, and that my Personal Pension has to be an AVC Pension?

Is it correct to say that I can't continue with the setup that I currently have?
And if possible can you explain to me what is wrong with it?

Thanks in advance
Wollran
 
Why can't you contribute to the employer one? That's how most employer/ Employee combination contributions work, as far at I know. So basically cancel your personal one....
 
Stop your personal one immediately. You are not allowed to claim tax relief on personal pension contributions whilst a member of an occupational pension scheme (unless you have another source of taxable income that is).

Any personal contributions should be directed into the employer scheme as AVC's. They are your contributions, no matter what. If you do not want to contribute to his scheme, you can set up your own PRSA AVC plan. But that is is.

Steven
www.bluewaterfp.ie
 
Thanks Stephen, this is exactly the information that I was looking for. I have taken your advise and stopped my personal pension.

Wollran
 
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