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.
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 !!!