More than 1 PRSA?

mojoask

Frequent Poster
Messages
68
Hi, my Mrs has a PRSA from her employer, charges are high but there's a 4% match, so worth contributing to.

She earns 50k and is in her 30s so with current contributions, could put in another 6k gross p.a.

Could she take out a 2nd PRSA, with lower charges, for the 6k, or is she stuck with only one?
 

GSheehy

Frequent Poster
Messages
296
Yes she can.

Is she happy with the same PRSA provider with the company or is she looking at another PRSA provider?

Is she going to pay the €6K as a once-off/annual or regular monthly contribution?
 

mojoask

Frequent Poster
Messages
68
Great, thanks! Would be a regular monthly contribution.
Is there anyway to get real time PAYE Income Tax adjustment when doing a DIY job outside of company payroll?
 

GSheehy

Frequent Poster
Messages
296
Yes.

If it's with same provider, my understanding is that it can piggy-back on the same direct debit mandate that's set up for the main scheme. Maybe under a separate policy number, but that's fine.

If it's with a different provider, she could ask employer to set up a new direct debit from company for second provider. Employer isn't obliged to do this but I think they'd find it hard to refuse when she explains that it will save her (up to) €300 per annum as shes doing it execution only.

TBH, paying from her own account and then sending the PRSA Certificate to Revenue isn't such a big deal. They'll adjust her tax credits and notify employer so she'll see it in her payslip fairly pronto. There's a bit of admin in it if she changes the contribution levels on a regular basis, but still....it's well worth it.
 

mojoask

Frequent Poster
Messages
68
Yes.

If it's with same provider, my understanding is that it can piggy-back on the same direct debit mandate that's set up for the main scheme. Maybe under a separate policy number, but that's fine.

If it's with a different provider, she could ask employer to set up a new direct debit from company for second provider. Employer isn't obliged to do this but I think they'd find it hard to refuse when she explains that it will save her (up to) €300 per annum as shes doing it execution only.

TBH, paying from her own account and then sending the PRSA Certificate to Revenue isn't such a big deal. They'll adjust her tax credits and notify employer so she'll see it in her payslip fairly pronto. There's a bit of admin in it if she changes the contribution levels on a regular basis, but still....it's well worth it.
I have read, albeit threads from several years ago, about needing a source of income per PRSA / pension, was this ever the case?
 

GSheehy

Frequent Poster
Messages
296
In what you've described in the original post, I can't ever recall it being the case.
 
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