PRSA - Should I stay with employer's PRSA provider

[Happy Girl]

Thinking bout setting up PRSA with AIB who is my employer's PRSA provider. I am aware the AIB are one of the more expensive with regard to entry/maintenance charges (couldn't find exact rates on their web page). By going with another PRSA provider am I correct in saying that I would have to make my returns to revenue at the end of the year to get my tax relief. Also I would not be able to get PRSI relief.
Basically what I am asking is would I be better off going with AIB for the following reasons of simplicity:
Contributions deducted from salary directly
Relief given directly
Relief on PRSI can be received.
I know I need to make decision myself but basically would I be much worse/better off financially going for one or the other options.

 

[Happy Girl]

Just looked at ladbrokes web page. Eagle Star prsa with them 0% entry/1% annual management fee as opposed to AIB 5%/1% annual management fee. Over say a 20+ prsa term would such a saving at entry stage be worth the hassle of having to claim tax refund each year myseklf plus not being able to claim relief on PRSI contributions also.

 

[Tenacious]

By going with another PRSA provider am I correct in saying that I would have to make my returns to revenue at the end of the year to get my tax relief. Also I would not be able to get PRSI relief.

No. You will just need to write to your local Revenue office (presuming your an employee) informing them that you have set up your own PRSA. They will give you tax relief (they will usually require proof of contributions, eg a copy of your PRSA1 Certificate, and proof that you have had tax deducted, eg your P60) and then they will issue you with a P21 balancing statement. (This is the procedure for claiming tax relief on PRSA contributions for last year). You must inform Revenue by 31st October that you have made PRSA contributions in the current year for which you wish to claim tax relief for the preceding year.

For regular contributions (if you make regular contributions either weekly or monthly) in the current tax year Revenue will grant you tax relief by increasing your tax credits for the current year.

As for claiming PRSI relief on PRSA contributions, see this link : [broken link removed]

However, in order to claim PRSI relief on pension contributions you must have obtained tax relief on the contributions first. It is only the self-employed and proprietary directors (anyone on PRSI class S basically) that cannot obtain PRSI relief on pension contributions. The reason for this is because anyone on PRSI class S already pays a reduced rate of PRSI at just 3%.