Non-Irish pension life insurance contributions -

[newirishman]

My wife and I have both been paying into so-called "Er- und ableben" life insurance, which I think is similar to a Penion Life Insurance here - we have one each with the other one as the benefactor.
It pays out a lump sum if you die before maturity, or pays that lump sum at maturity (age 60 for wife, 65 for me), or pay a monthly pension until one dies.

It is for a small sum only (signed up in the 90'ies when money was very tight), we pay around 350 euro each once a year. lump sum payout would be in the region of 25K or thereabouts, and the monthly pension would end up around 120 euro or thereabouts. about 12-15 years to go until maturity.

Just realised that I might be able to claim this as an expense with the Irish Revenue, but given it isn't a PRSA-type pension scheme, I am not sure.
Hence was wondering if anyone knows - all the paperwork is also in German which might be tricky for Revenue.

 

[Steven Barrett]

My wife and I have both been paying into so-called "Er- und ableben" life insurance, which I think is similar to a Penion Life Insurance here - we have one each with the other one as the benefactor.
It pays out a lump sum if you die before maturity, or pays that lump sum at maturity (age 60 for wife, 65 for me), or pay a monthly pension until one dies.

It is for a small sum only (signed up in the 90'ies when money was very tight), we pay around 350 euro each once a year. lump sum payout would be in the region of 25K or thereabouts, and the monthly pension would end up around 120 euro or thereabouts. about 12-15 years to go until maturity.

Just realised that I might be able to claim this as an expense with the Irish Revenue, but given it isn't a PRSA-type pension scheme, I am not sure.
Hence was wondering if anyone knows - all the paperwork is also in German which might be tricky for Revenue.

It won't be tricky for the Revenue at all. They won't read it.

If you want to claim tax relief on a German policy, you will have to translate the paperwork from German to English and submit it to the Revenue. I'd say it's unlikely you will be able to claim tax relief on it if it isn't approved by the Irish revenue anyway.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

 

[newirishman]

It won't be tricky for the Revenue at all. They won't read it.

If you want to claim tax relief on a German policy, you will have to translate the paperwork from German to English and submit it to the Revenue. I'd say it's unlikely you will be able to claim tax relief on it if it isn't approved by the Irish revenue anyway.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

Thanks Steven, thought as much. Not much money anyways so no big harm done. So much for free market...