31st October top up pension for the last year

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Mikefromcork

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Hi All
There maybe an answer to this but I can’t seem to find it in my search so apologies if the answer is already given.
I work in a public body and pay into the single pension scheme and I pay into a Zurich AVC. If I want to top up my AVC for last year, what do I need to do. What are the steps involved/sequence with revenue and Zurich. I also set up the AVC via a broker and I pay it via a bank direct debit.
Thanks
Michael
 
Make the lump sum payment via your broker or Zurich, get proof of payment, claim relief via your Revenue myAccount (assuming that you're not self assessed).

Do it now rather than too much closer to the deadline.
 
Send your top up amount directly to Zurich. This is the fastest top up method. There is no need to contact or notify your broker.

Zurich will automatically send you a PRSA payment certificate for the top up amount. This will be sent to your Zurich online access, if you have set this up, or by post. Revenue might ask to see this certificate.


Details here.
 

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If electing to backdate to last year, you must pay and claim (via tax return) by the deadline. You cannot elect to backdate after the deadline.


BTW, for those with Mercer, they are slow at issuing certificates, but they claim you can self certify.

In any event you don't need the certificate in hand to claim, once you are confident payment has been received by the deadline. Revenue may ask for the cert, but you can provide it after filing your return.
 
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Safest to stick to 31st October filing if back-dating AVCs. I avoided stating a deadline as @ClubMan's experience was different previously, IIRC. Some of the guidance is contradictory on this. It may even differ depending on whether you are self-assessed or not.

I myself had AVC relief excluded from an online return previously after 31st October but before the online filing deadline. Until I pointed out that the AVC had been made over 9 months previously so was in tax year; I was not backdating relief.
 
MugsGame said:
I avoided stating a deadline as @ClubMan's experience was different previously, IIRC.
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Mistaken identity? It's years since I did it but when I did I got the payment and claim in before October 31st. Some people have claimed that the online self assessment extended deadline applies (even if not doing a self assessed return) but I've no idea if that's true or not. I'd play it safe and get the payment and claim in a few weeks before the end of October. E.g. now!
 
ClubMan said:
Some people have claimed that the online self assessment extended deadline applies (even if not doing a self assessed return)
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If the tax return is done online the extended date applies.
This includes Myaccount.

This is verified on a Zurich pensions information leaflet.

But ideally use the 31st October deadline to avoid any misunderstandings from Revenue.
 
If you have the money now, do it now. You just never know when a delay might occur that might cost you a lot of money. You have yourself, your bank, the pension company and Revenue all in the mix. I did a lump sum last year before 31st Oct but was not still fully convinced I hadn't messed it up until I got the refund into my bank account! Great peace in being able to max out my AVCs now via salary I have to say.
 
misemoi said:
If you have the money now, do it now. You just never know when a delay might occur that might cost you a lot of money. You have yourself, your bank, the pension company and Revenue all in the mix.
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Definitely do it as early as you can. The amount will be invested earlier so it'll hopefully be growing sooner.

I had an issue when I went to transfer a last minute AVC contribution previously where Zurich were a new payee on my online banking and my banks anti-fraud system limited the amount I could transfer for 24 hours.
 
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The extended date for myaccount returns is verified in Pensions manual chapter 24.


"Taxpayers who file and pay online via ROS or myAccount may avail of the extended return filing and payment date to make an election and pay a contribution. As the payment of a qualifying contribution is a pre-condition to the availability of relief, an election cannot be made in advance of such a payment. The date for making an election in respect of contributions paid in the year of retirement may be extended to 31 December of that year in certain circumstances (see Appendix III of the Revenue Pensions Manual"
 
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You don't even have to wait until the tax year; you can carry forward overpayments to claim relief in future years. Although Revenue might insist on it being earned income from the same employment before granting relief.
 
Be aware as well that if you make an AVC for the current tax year you do not get a refund to your bank account, like you would with a backpayment. You get an increase in tax credits and standard rate cut-off point.

In other words you "earn" 1/12th of the tax relief each calendar month.
 
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The EFT details mention to include the policy number but is there a way of knowing which policy number relates to the AVCs? I have four in total; one which is the employer, one which is the employee contribution, another which is also an employee contribution for the same amount, and then a single premium policy. Obviously it's not the employer one but it's not clear to me which of the three I should reference when making the payment.
 
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