HELP-want to increase my contributions to co pension scheme

T

TRS30

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Hi all

Looking for some help here.

Am in a company pension scheme and am looking to increase my contributions. I am currently 29 but turn 30 this year. I was under the impression that i could put in 20% of gross salary for all of this year because as i turn 30 with in the tax year would be assessed on this basis for the whole year.

The issue is that my company disagrees and say i can only put 15% in until i actually turn 30. I have looked at the revenue website and this issue is not clearly shown anywhere (that i can find).

Does anyone know where i can find this clearly shown ? Also if this is just a plan rule and nothing to do with revenue constrictions would it be possible to get them to make an exception ?

As started in the plan quite late (27) am keen to put as much in as soon as possible.

Thanks in advance.

title edited by ajapale
 
Re: HELP-want to increase my contributions to co pension sch

My understanding (based on a recent contribution on the same topic which unfortunately I cannot locate right now) was that one could contribute 20% with full tax/PRSI relief in the tax year in which one turned 30. As such I suspect that your company is incorrect. Perhaps a query directly to Revenue will clarify matters?
 
Re: HELP-want to increase my contributions to co pension sch

Cheers Club, seem to the answer to all my queries.

Sent an e-mail to the revenue so have to wait till hear from them. Any idea what their turn around time is ? Have heard of mail from last October still not been opened !!!
 
Re: HELP-want to increase my contributions to co pension sch

The rule is that in the year you turn age 30 or 40 or 50 you can contribute the higher % for that full tax year.
 
Re: HELP-want to increase my contributions to co pension sch

Any idea where i can find that on the revenue website Conan ?
 
Re: HELP-want to increase my contributions to co pension sch

The age is actually between your 29 and 30 year

Ring the Pensions Board on (01) 613 1900 for confirmation to your employer, they are very helpful and you will get an answer straight away
 
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