How do I make a once off Pension payment in order to get tax relief?

[Slash]

I want to make a payment to a Pension Scheme in order to get tax relief for 2008. Do not want to contribute to my Employer's Pension Scheme, for a number of reasons. Can i set up a PRSA? How? Is there any other (convenient) way to do this?

 

[GSheehy]

Can i set up a PRSA?

You should be able to set up an AVC PRSA

How?

This depends on whether you need an advisory service or an execution only service. If you are comfortable choosing investment funds then you can purchase an AVC PRSA with just an annual management charge, no contribution charge.

Is there any other (convenient) way to do this?

You would claim reliefs by submitting relevant documentation to Revenue directly.

 

[Slash]

If you are comfortable choosing investment funds then you can purchase an AVC PRSA with just an annual management charge, no contribution charge.

How? do I go directly to a product provider or through a broker? Sorry if this is a dumb question, but I have always made pension contributions to my employer's schemes.

 

[GSheehy]

is your best bet.

 

[Gondola]

I made a one-off voluntary contribution last year and it was actually considered for last year's tax assessment.
I went through my company's pension fund managers, but you seek guidance on how to do this for a different fund. I did not go through payroll, I wrote a cheque to the fund manager's dedicated dept.

 

[asho]

Hi Slash

If you want to include with payment for the 2008 tax year the contribution have to be received by the scheme prior to the 31st Oct. As far as I'm aware the only option that's available to you as a PAYE worker is to set up an AVC PRSA unless you have self employed income as well.

So in sort really if you want to include it for the 2008 tax year and don't want to go through your current scheme you will need to get moving on setting it up etc.

The other thing to bear in mind as well is that you will need to submit two seperate claims for the relief - one to revenue for the PAYE and a seperate one for the PRSI.