Is there not some restriction (on tax relief) on such a "standalone" PRSA being used for AVCs when the occupational scheme offers an AVC facility? I thought that here was to encourage people to encourage employees to participate in their occupational schemes?Yes you can set up an AVC PRSA of your own choosing. You will pay it gross by Direct Debit and claim your own tax and PRSI relief.
Yes - IF your employer will faciliate such an arrangement for your PRSA. But this would often be unlikely when they are already offering an occupational scheme with an AVC option.Thanks for your reply...
Can i not pay monthly through my wages and the tax come straight out through payroll
MVAs normally apply on With Profits funds. It should not be the case with other (e.g. unit linked) funds.I've found out that by transfering your AVC fund to your Eagle Star PRSA you will pay a MARKET VALUE ADJUSTMENT charge, that at present is 15% from Irish Life, of your fund value which is deterring me from doing what you are thinking of doing Mango7, so do your homework first.
Is there not some restriction (on tax relief) on such a "standalone" PRSA being used for AVCs when the occupational scheme offers an AVC facility? I thought that here was to encourage people to encourage employees to participate in their occupational schemes?
Tax exempt perhaps? Because it's a pension? As opposed to a regular investment which would be subject to tax along the way or at encashment?Thank you for your replys........
My pension with irishlife is an exempt consensus pension, what does the exempt mean?
Didn't Liam already answer this question above?can irish life stop me doing a avc with another company? do i need to tell them?
You don't have to pay it annually. You should be able to do it monthly. Not sure if many pension providers facilitate more regular than monthly contributions? You will have to inform Revenue in order to get tax relief via your statement of tax credits. You will only be able to claim PRSI relief at the end of the tax year after tax relief has been claimed.do i have to pay avc annually, why not weekly?
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