Hi
I recently turned 55 and upped my AVC pension contributions to 35% to avail of max tax relief for this age band. I pay tax at the higher rate,
I noticed in my payslip that the AVC deductions are split into 2 parts
5% which is my employee matching contribution and 35% which is my AVC contribution.
So I am actually contributing 40% in total instead of 35%. This is likely an error on HRs part when I submitted the request
I can probably afford it, so I might just leave it as is, but is there any disadvantages to paying the additional 5% if I am not getting any tax relief on it ?
Thanks
I recently turned 55 and upped my AVC pension contributions to 35% to avail of max tax relief for this age band. I pay tax at the higher rate,
I noticed in my payslip that the AVC deductions are split into 2 parts
5% which is my employee matching contribution and 35% which is my AVC contribution.
So I am actually contributing 40% in total instead of 35%. This is likely an error on HRs part when I submitted the request
I can probably afford it, so I might just leave it as is, but is there any disadvantages to paying the additional 5% if I am not getting any tax relief on it ?
Thanks