Pension advice

[canman]

Hi,

I previously worked in a company which did not provide a pension.
I started my own personal pension as a means of saving for the future.
I have never claimed any tax relief on this. It is approximately running over 5 years.
I since joined another company over three years ago and then started into their company pension fund. The company contributes to this pension as well. I do believe tax relief is claimed at source here.

Firstly, is what I am doing ok? Is it legal?
Secondly, can I claim tax relief of my personal pension now?
How should I do this?
Third, what is the best way of exiting this personal pension fund?

Thanks in advance for your assistance.

 

[ClubMan]

I started my own personal pension as a means of saving for the future.
I have never claimed any tax relief on this. It is approximately running over 5 years.

Why on earth not?! You should get moving on claiming tax and PRSI/health levy relief now as you can only backdate such claims by 4 years these days. To claim tax relief you need to write to Revenue (your normal tax office listed on your statement of tax credits) including a copy of the pension certificate (e.g. PRSA1 or RAC etc.), details of payments to date, payslips or P60s for the relevant years etc. To claim PRSI/health levy relief (from January 2003) you will find the relevant form in the thread linked above.

I since joined another company over three years ago and then started into their company pension fund. The company contributes to this pension as well. I do believe tax relief is claimed at source here.

If you don't know then you need to check.

Firstly, is what I am doing ok? Is it legal?

What - contributing to two pensions at the same time? That's OK as far as I know although only one may qualify for relief at any time.

Third, what is the best way of exiting this personal pension fund?

Can you just stop contributing now and park it without penalty?

On a more general point I would urge you to seek independent, professional advice on this and your overall financial situation.

 

[canman]

Thanks Clubman for your advice.