My understanding of the Act is that if you invest €7,500 from an SSIA and then seek to claim the €2,500 from the Govt, that you cannot also claim tax relief on the €7,500.
If this is the case then for top rate tax payers it makes no sense, since you are giving up 42% PAYE +6% PRSI relief. So the total value of €10,000 has cost you €7,500 net, as opposed to investing €10,000 personally and claiming the 48% tax relief (a net cost of €5,200)
Even for standard rate tax payers, the benefit of the SSIA pension incentive seems illusory. The €10,000 value still costs €7,500, whereas if the tax relief system was applied the net cost would be €7,400 (assuming 20% PAYE + 6% PRSI).
Am I mis-reading the Act (possible since it is so turgid).