Can I halt/reduce PRSA payments during Maternity Leave?

Q

Query

Guest
I am currently paying 20% of my salary into an Irish Life PRSA - the max for my age.
I will be due to go on Maternity Leave next year for 18 weeks and money will be tight.
Are there implications of ceasing payments into my PRSA when I am off for this period - or perhaps reducing to mininum amount?
It is early days and I do not want to ask this question "out loud" just yet!
 
Thats the beauty of PRSA's

Stop and start as you please. No penalties.
 
Thats the beauty of PRSA's

> Are there implications of ceasing payments into my PRSA when I am off for this period

Just the obvious one that your pension will be underfunded relative to the situation in which you continue to make contributions during this period. However, as mentioned above there should be no additional hassles or charges that apply.
 
Re: Thats the beauty of PRSA's

Hi Query

If you do not get paid maternity leave, will you still be on the top tax rate? If you fall below the top tax rate, then you should probably not be contributing to a pension fund.

Brendan
 
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