Setting up pension for wife.

[MikeMurphy16]

Hi Folks.
I am looking for some advice on setting up a private pension for my wife.

We are both in our early 40's. my wife cares for our 3 Children [7,5,3] full time and I work in the private sector full time. I have a pension with my employer scheme were I contribute 7% and my employer matches 7%.

The question I was hoping for some help with was. As we are a single income family, can we claim tax relief on AVC for pension contributions to my wife pension? (i am going to set up).

I do intend on getting a financial advisor advice (recommendations of any good ones in North Dublin Welcome). I just wanted to do as much research as possible in advance.

Thanks.

 

[RedOnion]

We were in a similar situation a few years ago. You can only get tax relief against relevant earnings. Yes, she can set up a PRSA, but she'll only get tax relief on the contributions when she returns to work.

PRSA while unemployed - is any tax relief possible?

Is it possible for an unemployed person to get tax relief on contributions to a PRSA? I know a PRSA can be funded and the contributions carried forward for tax relief later, but is there an opportunity to claim tax relief on contributions of 1,525 per annum, or do you have to have earned income...

www.askaboutmoney.com

You might be better off maximising your own AVCs now up to age allowed limit, and then maximise your wife's when she returns to work.

 

[MikeMurphy16]

We were in a similar situation a few years ago. You can only get tax relief against relevant earnings. Yes, she can set up a PRSA, but she'll only get tax relief on the contributions when she returns to work.

PRSA while unemployed - is any tax relief possible?

Is it possible for an unemployed person to get tax relief on contributions to a PRSA? I know a PRSA can be funded and the contributions carried forward for tax relief later, but is there an opportunity to claim tax relief on contributions of 1,525 per annum, or do you have to have earned income...

www.askaboutmoney.com

You might be better off maximising your own AVCs now up to age allowed limit, and then maximise your wife's when she returns to work.

Thanks RedOnion. appreciate the reply.