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Max pension allowable

  • 27-01-2023 7:03pm
    #1
    alan kelly
    Registered Users, Registered Users 2 Posts: 444 ✭✭


    Hey folks,

    Looking at ways to minimise my annual tax and was looking at my pension.

    I’m in my 40’s and I seen online that the max I can offset is 25% of my salary. I also read elsewhere you can pay a one off annual separate fee towards a pension. Wondering if this is correct ?

    Any guidance would be great.



Comments

  • #2
    FastFullBack
    Registered Users, Registered Users 2 Posts: 1,466 ✭✭✭FastFullBack


    Yes aged between 40-49 you can put 25% of your salary into your pension and claim the max tax reliefs. You only count your pension contributions when calculating this, any contributions from your employer don't count.

    If your salary is over 115K then 115K is the max number you can use for this calculation. So €115K x .25 = €28.75K.

    Yes you can do one off top ups but the above limits still apply e.g let's say through your monthly contributions you add €20K, you can do a one time top up of €8.75K and claim tax back on that directly from revenue.ie.



  • #3
    alan kelly
    Registered Users, Registered Users 2 Posts: 444 ✭✭alan kelly


    Thanks, that makes sense. the one off is included in the 25%. Much appreciated.



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