A life company sets up a PRSA with umbrella policy number 1. You are in non pensionable employment and make a pension contribution so it goes into PRSA 1/a. You then join a pension scheme and want to make an AVC payment. So it goes into PRSA 1/b, which is a PRSA avc plan. Or else the life company sets up two completely different policies, a PRSA and a PRSA AVC plan.I forgot to mention one other point my accountant queried, as follows - where are the rules written which sets out what happens if a single PRSA account was used for both AVCs and non-AVCs? His point being that such a scenario is also not covered by the quoted section of the Revenue manual above (and didn't appear to be covered by any other section either.)
[He wasn't saying that this stuff ain't set out anywhere - he was just wondering where!]
The one stop policy that you can bring everywhere was a lie.
If you are in pensionable employment, you must make pension contributions into an AVC plan or a PRSA AVC plan. If you are a member of a scheme and you make contributions to a personal plan, you cannot claim tax relief on the contributions. it is very important you make the contributions into the correct pension.Just make your yearly contributions to your AVC'S or PRSA. When you retire the providing company will calculate the maximum tax free lump sum available. In my experience Zurich were the most skilled in this regard.