An elderly friend of mine is convinced that the max he can contribute from his salary to his pension is 5%. Anything above that he thinks is either AVCs or would be administration. He's said his company had advisors in telling him same.
Im convinced that the rates are as follows, takenfrom a link on revenue website. See this [broken link removed]
Under 30 15%
30 - 39 20%
40 – 49 25%
50 or over 30%
When I showed this link, my friend was convinced that the percentages were for PRSAs only (which to be fair the link is for) and wont hear of the 5% figure being incorrect. I cant seem to find a link on revenues website that says the same percentages apply for normal, run of the mill company pensions. Does anyone have one?
Also, if anyone could suggest why he thinks 5% would be the max, is there some other 5% figure out there that he could be getting mixed up with.
thanks.
Im convinced that the rates are as follows, takenfrom a link on revenue website. See this [broken link removed]
Under 30 15%
30 - 39 20%
40 – 49 25%
50 or over 30%
When I showed this link, my friend was convinced that the percentages were for PRSAs only (which to be fair the link is for) and wont hear of the 5% figure being incorrect. I cant seem to find a link on revenues website that says the same percentages apply for normal, run of the mill company pensions. Does anyone have one?
Also, if anyone could suggest why he thinks 5% would be the max, is there some other 5% figure out there that he could be getting mixed up with.
thanks.