Company pension or PRSA for AVCs

miser

Registered User
Messages
91
I have both a personal PRSA (a hangover from an old job) as well as a company DC scheme where the company and I both make contributions. I wanted to make an AVC for 2022 into my PRSA, but my company scheme admin is adamant that since only one pension (the company scheme) is linked to my employment (my only income source) then I need to make all my AVCs up to the tax relief limit into the company scheme...
My view is that I should be allowed to make my AVCs into whatever pension fund I want.... but which of us is right?
 
You can either invest AVCs into your main scheme or into an associated PRSA AVC. The AVCs must be linked to your current employment/salary, since that the basis of any "additional " contributions.
You cannot invest them into an old PRSA.
Even if you invest the additional contributions into the main scheme , you should have a range of different funds to invest into.
 
You can open a new AVC PRSA linked to your company scheme.
You can then decide what investment funds you contribute to.
Your employer does not need to be aware of this new AVCPRSA.
If you directly make your contributions rather than using payroll deductions your employer will have no knowledge of these contributions.
 
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