Maximum contribution - higher in PRSA?

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orka

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The pension FAQ at the start of this section and the IAPF website both say that the maximum contribution for a 30-39 year old is 20% of salary but the revenue's leaflet ([broken link removed]) on prsas says that the maximum % is 25%. Is the prsa different in some way? I just want to do a lump sum contribution not get locked into a monthly prsa but I would like to maximise my contribution if possible. Thanks.
 
Hi Orka - the max is 20%, increases to 25% once you are in your 40th year.
 
Looks like that Revenue doc is incorrect. There is no difference between a PRSA and personal pension plans with regard to the tax/PRSI relief limits as far as I know. I think that occupational schemes allow personal/AVC contributions to be at these limits even if the employer also contributes on behalf of the employee. Not 100% sure though.

Don't forget to claim PRSI relief separately (from the tax relief) on standalone pension contributions. See the key posts thread for more on this.
 
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