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Question on Pension AVCS

  • 08-01-2019 5:21pm
    #1
    delta_bravo
    Registered Users, Registered Users 2 Posts: 4,567 ✭✭✭


    Hi,

    Coming up to tax time and just had a thought about AVCs and tax relief.

    I have a pension scheme through work where 5% of my monthly pay is deducted and put into the pension. My employer matches this.

    My understanding of an AVC was that it would have to payments made in addition to this (eg. I decide to put €500 of my own money directly into the pension pot I could claim that as an AVC for tax relief.) However now that I think of it I'm not sure if thats correct.

    Is an AVC actually any contribution I make in addition to whatever my employer puts in (So in this case I could claim on my €500 lump plus whatever 5% of my monthly contributions added up to)


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    delta_bravo wrote: »
    Hi,

    Coming up to tax time and just had a thought about AVCs and tax relief.

    I have a pension scheme through work where 5% of my monthly pay is deducted and put into the pension. My employer matches this.

    My understanding of an AVC was that it would have to payments made in addition to this (eg. I decide to put €500 of my own money directly into the pension pot I could claim that as an AVC for tax relief.) However now that I think of it I'm not sure if thats correct.

    Is an AVC actually any contribution I make in addition to whatever my employer puts in (So in this case I could claim on my €500 lump plus whatever 5% of my monthly contributions added up to)

    Pretty much.

    It's additional to what's been "put into the pot" from all sources.


  • #3
    delta_bravo
    Registered Users, Registered Users 2 Posts: 4,567 ✭✭✭delta_bravo


    gerrybbadd wrote: »
    Pretty much.

    It's additional to what's been "put into the pot" from all sources.

    Thanks, sorry just so I have this right. I can basically claim tax relief on any contribution i make to my pension regardless of whether its done directly off your salary or a lump sum


  • #4
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    delta_bravo wrote: »
    Thanks, sorry just so I have this right. I can basically claim tax relief on any contribution i make to my pension regardless of whether its done directly off your salary or a lump sum

    If it's through payroll, 99.9% they give relief at source.


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