Back-date AVC

I

iceblue

Registered User
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Is it possible to make an AVC today but log it against last year (2021)?

I am in the 40% bracket for pension contributions but only joined occupational pension late last year and contributed 20% for a few months in 2021.

If it is possible what physically needs to be done. Is there a special request to pension scheme or revenue needed? I fill out income tax online each year for rental.
 
Yes it is, assuming that you're still in the job.

You have two choices: (1) Contact the broker looking after the occupational pension scheme and ask them for details of the AVC facility that is part of the pension scheme, specifically asking about what charges would apply to a lump sum contribution and what funds are available. (2) Set up an AVC PRSA with any financial broker of your choice. The decision between the two will mostly come down to which offers the better charges and fund choices for you.

Having paid the AVC you will receive a certificate from the provider confirming the amount and date.

Revenue have a video that shows how to claim your tax relief here. There's also information about deadline dates here.

Regards,

Liam
www.FergA.com
 
Thanks Liam. Will look at that video tonight.

Typo above. I am in the 40yr old bracket, so 25%!
 
iceblue said:
Thanks Liam. Will look at that video tonight.

Typo above. I am in the 40yr old bracket, so 25%!
Click to expand...

You only joined the scheme and started contributing 20% late in the year. If I assume that you were in the job for the whole year and not in any pension scheme, then the calculation for an AVC would be your entire year's salary x 25%, less whatever amounts you paid in personal contributions in the last few months of 2021. For the purposes of this calculation, salary is capped at €115,000.
 
Moved jobs Sept of last year and joined an occupational pension as part of the move. Never had any pension before that.

Say PAYE salary is 115,000 for the whole year, albeit only 45,000 was earned in the new pensioned job. Assume can still apply the 25% to the full 115,000 less already paid contributions for calculation of AVC lump sum
 
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