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Reduced by DSP Pension?

  • 29-01-2011 10:39am
    #1
    beech63
    Registered Users, Registered Users 2 Posts: 6 ✭


    Hi all,just wondering what the above means in respect of my tax credit cert?
    My tax rate band was reduced by a dsp pension amount and i cant find proper info on line explaining it? I work in public sector for charitable org if that make any difference?
    Thanx


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Your pension is taxable, but there is no mechanism for operating PAYE on it. So rather than you being presented with an annual bill for all the tax on the pension, Revenue adjust your tax credit certificate so that effectively you pay the tax on the pension out of your ordinary salary.

    As long as Revenue know what your pension is this works fine.


  • #3
    beech63
    Registered Users, Registered Users 2 Posts: 6 ✭beech63


    Thanx for the reply, over 10k was deducted does that sound right? seems very high to me for one year?


  • #4
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    If your DSP pension is about €10,000 then reducing your tax band by that amount should work out properly.


  • #5
    beech63
    Registered Users, Registered Users 2 Posts: 6 ✭beech63


    Thanx for the reply
    Im only 28 so dont recieve a pension,i pay two deductions from my wage towards one,im a right in thinking that this is an error and that revenue have me down as getting a state pension every week and that is why my band was reduced? I plan on ringing them in the morn so wanna get my facts straight first.


  • #6
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,686 ✭✭✭barneystinson


    beech63 wrote: »
    Thanx for the reply
    Im only 28 so dont recieve a pension,i pay two deductions from my wage towards one,im a right in thinking that this is an error and that revenue have me down as getting a state pension every week and that is why my band was reduced? I plan on ringing them in the morn so wanna get my facts straight first.

    Yeah, if the description on your tax credit cert is as you've described then it suggests that they incorrectly believe you're receiving a social welfare pension.

    But you don't need to "have your facts straight" before you ring Revenue. The job of the paye helpline is to give you, the customer, the facts... ;)


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