PRSA: Can my employer agree to make payroll deductions for other than designated one?

[Happy Girl]

Can oneone tell me if I go with a different PRSA provider(eaglestar) instead of my employer's designated PRSA provider (AIB) if deductions can still be made through the payroll if my employer agrees to pay my deducted contributions monthly. I have had conflicting opinions on this.

 

[Tenacious]

Re: PRSAs

It is completely at your employer's discretion. An employer is not obliged to make payroll deductions or contributions on a PRSA that is set up yourself. Instead you just need to inform your local tax office and they will increase your tax credits which will basically have the same net effect as payroll deductions (apart from PRSI relief which is claimed back separately).

 

[F. Kruger]

Re: PRSAs

Deductions can be made via payroll only if the employer agrees to 'appoint' Eagle Star as a PRSA Provider and a Direct Debit is set up for the Eagle Star Scheme.

The employer may agree to this if you could prove that you (and the rest of the employees) were getting a better choice and better value for money by appointing another provider.

An intermediary would also have to be 'appointed' for the scheme and it would be to your advantage to have one that offers the option of an 'execution only' service.