StjohnDelahunty
Registered User
- Messages
- 11
1st post so go easy on me!
I have just returned from living abroad where I was able to save a decent amount of money.
I would like to use this money to provide for myself & my family in old age. I can place in a pension product or invest, I guess.
I have looked at the main irish pension providers, funds and costs. On my reading of the main products, placing the funds as a lumpsum into an Irish pension fund doesnt seem very sensible because the income tax relief is (understandably) limited in any one year. If you don't benefit from the income tax break on the full lumpsum the various charges and management fees in the pension products seem just too high. They really are exorbitant.
(Theres a broader public policy issue here of the revenue de facto subsidising really bad pension products that wouldn't survive without the tax break)
I'll get professional advice. But am I missing something? Should I put in the bank and drip-feed an amount annually into a pension. Or just invest elsewhere and leave there to pay the cgt on a final amount?
Thanks for reading.
Thanks
46 years old. Im in the 40% tax bracket now in ireland.
Im happy to leave it all there until I retire.
Great website by the way.
I'm afraid that's not correct - it's a "use it or lose it" relief.You can carry forward unused relief into next year.
Eh, no you can’t.You can carry forward unrelieved contributions to the next year and get relief
Eh, no you can’t.
There is no facility to carry forward unrelieved contributions.
Relief must be claimed by the appropriate cut off point or it’s gone forevever.
Ah, I see.Think they mean that if you had for example paid 5% in pension contributions in 2018 through payroll, you could pay an additional lump sum in 2019 to max out your 2018 contributions (another 15% etc depending on your age) when filling your 2018 tax return.
Eh, no you can’t.
There is no facility to carry forward unrelieved contributions.
Relief must be claimed by the appropriate cut off point or it’s gone forevever.
That scenario doesn't involve carrying forward any unused relief.Eg. you can contribute 20k in 2018 and claim some for 2018 tax year (by Oct/2019) and claim some for 2019 tax year (by Oct/2020), within age related percentage limits.
There is no facility to carry forward unrelieved contributions.
That scenario doesn't involve carrying forward any unused relief.
Maybe I'm just being pedantic but I don't see how any unused relief is being carried forward in that scenario.So in that sense any unused relief can be carried forward.
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