Age 45
DC pension with irish life corp
Current value 300k
Current salary 52k overtime bonus 20k
5% payed matched by 5% employer
Currenty paying 20% avc as was getting 40% relief
I have been maximising my Avc's each year up to my age limits for serval years. But this year and possibly next year with tax credits. I will not be getting any relief on 11% of the AVC.
So do I cut back avc to take cash now or keep avc with no relief in . But grows tax free but could taxed on drawdown on retirement.
Don't have need for the cash now so will put in deposit or eft or berkshireb. If drawn down now. Am I mad not take the money income tax free now?
DC pension with irish life corp
Current value 300k
Current salary 52k overtime bonus 20k
5% payed matched by 5% employer
Currenty paying 20% avc as was getting 40% relief
I have been maximising my Avc's each year up to my age limits for serval years. But this year and possibly next year with tax credits. I will not be getting any relief on 11% of the AVC.
So do I cut back avc to take cash now or keep avc with no relief in . But grows tax free but could taxed on drawdown on retirement.
Don't have need for the cash now so will put in deposit or eft or berkshireb. If drawn down now. Am I mad not take the money income tax free now?