How hard is it to transfer a PRSA to a different provider?

Bluelines

Registered User
Messages
12
I've finally decided it's time to do something about a pension (better late than never).

I know the deadline to file a 2020 tax return is imminent, so I want to get it set up Asap to avail of the tax relief for 2020. I'm not at all impressed by the fees that the big providers charge and have been looking at LA Brokers instead. Thing is, it's getting kind of close to the tax return deadline, so it might be faster and easier (given that I need a bit of handholding through the process) to get set up with one of the big providers for now? I'm wondering if i did that, would it be easy to transfer it to LA brokers in 12 months time? Would I be penalised for switching?
 

GSheehy

Registered User
Messages
490
The lenght of time it takes a product provider to process an application via an advisory service or an execution only service is the same.

The date that the product provider receives your money is the date that will be on your PRSA1 or PRSA2 Certificate.

If you choose the advisory service now, you'll have paid a contribution charge. So, other than that, there's no penalty to switch. You may even decide to leave it where it is as the ongoing AMC should be the same.

Gerard

www.prsa.ie
 

Dave Vanian

Registered User
Messages
1,014
To be clear, the likes of www.labrokers.ie and www.prsa.ie are intermediaries, i.e. they route you into one of the "big providers", e.g. Zurich Life. They are not providers themselves. So if you're going to end up with one of the big providers anyway and you're happy with the execution-only/no advice service, then you're better off going via an execution-only broker / intermediary. It won't be any faster to go via a different route.
 

Bluelines

Registered User
Messages
12
Thanks for the advice!

So lastminute.com style, I opened a policy and deposited €9000. Now I need to complete a tax return for 2020 and I'm clueless as to where to begin. As far as I can see, I have until Nov 17th to complete an online return?

I'm a PAYE employee. Do I still have to complete a form 11, or is there a different form for PAYE people? Looking in my ROS online account, there is no prepopulated form 11 available to me for 2020, only ones for 2019 and earlier.

Any help appreciated?! I'm panicking a small bit that I've left it too late and am going to miss out!
 

nest egg

Registered User
Messages
328
If you have non PAYE income >5k, you become a "chargeable person" and need to complete a form 11. Otherwise, you can do a form 12. You've missed the deadline for the paper version, but you can file online using your "myAccount".

Just gone through this process with my Mrs' PRSA and posted about it, as I also needed advice on how to complete the information > have a look here

The PRSA company will (eventually) issue you with a PRSA 1 Cert, which you keep for your own records as proof of the contribution, in case Revenue ever want to see it.

The question is whether the PRSA company have received the payment before 31 Oct? If so, you're in the clear. If not, you might want to contact Revenue to confirm if the online filing date, also applies to when the payment is made. There's further discussion in the thread I linked to earlier.

Good luck!
 

Bluelines

Registered User
Messages
12
If you have non PAYE income >5k, you become a "chargeable person" and need to complete a form 11. Otherwise, you can do a form 12. You've missed the deadline for the paper version, but you can file online using your "myAccount".

Just gone through this process with my Mrs' PRSA and posted about it, as I also needed advice on how to complete the information > have a look here

The PRSA company will (eventually) issue you with a PRSA 1 Cert, which you keep for your own records as proof of the contribution, in case Revenue ever want to see it.

The question is whether the PRSA company have received the payment before 31 Oct? If so, you're in the clear. If not, you might want to contact Revenue to confirm if the online filing date, also applies to when the payment is made. There's further discussion in the thread I linked to earlier.

Good luck!
Thank you so much, unfortunately my pension is a private PRSA I set up myself, not through my employer. The form 12 is making me choose an employer with whom the pension is held 'Employment where your Superannuation Fund is held'. No sure what to do at all!
 

Dave Vanian

Registered User
Messages
1,014
I'm in the fortunate position of having a good accountant who pushes the buttons for me, so I'm not too familiar with the Revenue website. But I do know that the term "Superannuation Fund" is wrong for what you want to do. That refers to an Occupational Pension Scheme, which is a different beast to a PRSA. Is it possible to go back to a point prior to this?
 

Bluelines

Registered User
Messages
12
I'm in the fortunate position of having a good accountant who pushes the buttons for me, so I'm not too familiar with the Revenue website. But I do know that the term "Superannuation Fund" is wrong for what you want to do. That refers to an Occupational Pension Scheme, which is a different beast to a PRSA. Is it possible to go back to a point prior to this?
When I get to the tax credits section of tax return page, the only place I can see to supply pension details is in the 'my job' section. Choosing either PRSA or AVC options from the 'my job' page takes me to a form that forces me to choose an employer for the Superannuation Fund field. I'm thinking it's possibly only making me do that for calculation purposes? I've no idea really!
 
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