I do this, not difficultYou can get the tax relief coded into your tax credits, so you don't need to wait until after the end of the year to claim tax rebate.
You can get the tax relief coded into your tax credits, so you don't need to wait until after the end of the year to claim tax rebate.
I do this, not difficult
Yes - me! My employer doesn't have to know anything about the AVCs, I deal with revenue to get my credits/tax bands adjusted. My employer's avc is very poor value so I'm a member of the Single Scheme and I have arranged my own AVC PRSA with Zurich (via a broker). My AVCs come out via a direct debit rather than directly via payroll. The only time you have to worry about a time lag in claiming tax relief is if you make a one-off lump sum, special contribution or similar.Are you aware of public sector employers doing this when the PRSA is chosen by an employee?
Do you work in the public sector? Are your contributions to an AVC scheme offered by your employer or a separate PRSA you set up yourself?
Employers do not want to have to deal with multiple different PRSA providers in relation to salary deductions. It is a matter of convenience. They will have absolutely no interest in whether or not you arrange your own PRSA-AVC and you have no need to inform them. You only have to deal with your selected PRSA provider to set up the AVC by direct debit and then with Revenue to arrange to have it coded into your tax credits.My understanding is that it is policy within the civil service not to facilitate income tax relief at source for PRSA contributions, in spite of this being available for tied AVC schemes.
Yes - me! My employer doesn't have to know anything about the AVCs, I deal with revenue to get my credits/tax bands adjusted. My employer's avc is very poor value so I'm a member of the Single Scheme and I have arranged my own AVC PRSA with Zurich (via a broker). My AVCs come out via a direct debit rather than directly via payroll. The only time you have to worry about a time lag in claiming tax relief is if you make a one-off lump sum, special contribution or similar.
Employers do not want to have to deal with multiple different PRSA providers in relation to salary deductions. It is a matter of convenience. They will have absolutely no interest in whether or not you arrange your own PRSA-AVC and you have no need to inform them. You only have to deal with your selected PRSA provider to set up the AVC by direct debit and then with Revenue to arrange to have it coded into your tax credits.
How in practice would the PRSA provider be in contact with the employer ( in this case a public sector HR section ) at retirement ?There is no need for your employer to be involved/contacted at start-up. There probably will be come retirement time.
Here is a link to a guide for claiming the tax relief via Revenue: https://www.zurichlife.ie/DocArchiv...55.1633610853.1603877026-803383880.1600698695
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