Hi all,
Hopeful I can articulate the questions that are in my head so here goes!
I am 36 , I am in a DB scheme in my current employer for the last year. I will not be with this company long term- most likely for the next 1.5 years to 2 years. Also given the nature of my position I am privy to the strong possibility that the DB scheme will be wound up.
My questions are:
I have the cash to make extra pension payments in the form of avcs, the pension scheme allows for this. Would this be a mistake in the context of the wind up possibility and also the fact that I will be leaving in the next few years?
Also- given that the company scheme allows for avcs would I legally be allowed to start my own prsa instead and put my extra cash here instead (obviously within the % limits allowable for my age) and avail of the tax reliefs?
Also if this is allowable but the company will not pay the money to the prsa directly from my wages, how do I avail of the tax relief if I have to pay from my net pay directly in the prsa?
I hope my questions make sense, thank you for taking the time to read them
Mark
Hopeful I can articulate the questions that are in my head so here goes!
I am 36 , I am in a DB scheme in my current employer for the last year. I will not be with this company long term- most likely for the next 1.5 years to 2 years. Also given the nature of my position I am privy to the strong possibility that the DB scheme will be wound up.
My questions are:
I have the cash to make extra pension payments in the form of avcs, the pension scheme allows for this. Would this be a mistake in the context of the wind up possibility and also the fact that I will be leaving in the next few years?
Also- given that the company scheme allows for avcs would I legally be allowed to start my own prsa instead and put my extra cash here instead (obviously within the % limits allowable for my age) and avail of the tax reliefs?
Also if this is allowable but the company will not pay the money to the prsa directly from my wages, how do I avail of the tax relief if I have to pay from my net pay directly in the prsa?
I hope my questions make sense, thank you for taking the time to read them
Mark