Want to make a lump sum contribution to my PRSA: some questions

[ionapaul]

Hi all,

I want to make a lump sum contribution to my personal (non-work) PRSA to take advantage of the tax paid in 2008 (I recently opened an employer-contributed PRSA as well so this year should be ok on the pension front). On my P60 for last year it notes the total tax paid; likewise on my final paycheck for last year.

1) How do I calculate the tax paid at 41% from this total figure?
2) What form / process do I need to follow to get tax relief?
4) Can it be done via ROS.ie?

I know I have to wait until this relief if paid before filing the PSRI Refund form.

5) On a different note; what happens to my employer-contributed PRSA if I leave employment within two years of opening it? Do I lose the matched employer contributed portion? Can I transfer the balance to my personal PRSA?

Thanks

 

[LDFerguson]

1) Tax Bands for 2008 = Single:35400, Married:70800, Widowed:39400
If spouse not working then married allowance reduced by 26400. Anything in excess of these figures is taxed at the higher rate.

2) When you make your lump sum PRSA contribution, you'll get a PRSA1 certificate. Send it to your local Inspector of Taxes with your P60 and a note explaining that you want the contribution allowed against 2008.

3) Spooky missing question.

4) Sorry - I'm not sure.

5) Your employer cannot take back employer contributions to a PRSA, regardless of when you leave. (That only applies to Occupational Pension Schemes when the employee leaves within 2 years.) You can transfer funds between PRSAs without charge or you can leave your PRSA fund invested until you retire. Or you can make contributions to it yourself if you're self-employed or in non-pensionable employment. As a final option, if your future employer is willing, they can make contributions to either of your existing PRSAs.