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Calculating pension tax relief

  • 20-10-2015 09:03PM
    #1
    bobdillon
    Closed Accounts Posts: 16 ✭


    Hi
    I am a PAYE worker and I have a deduction from my paycheck for a company pension fund (defined contribution/defined benefit).
    I also make extra AVC contributions to the same pension. For the purpose of calculating the total pension contributions over the year, how much of a pension payment will I make over an entire year (in revenue's eyes)? Is it the total DC deduction + the total AVC contribution?
    I'm guessing it is but I'm not 100% sure.
    Thanks!


Comments

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


    bobdillon wrote: »
    Hi
    I am a PAYE worker and I have a deduction from my paycheck for a company pension fund (defined contribution/defined benefit).
    I also make extra AVC contributions to the same pension. For the purpose of calculating the total pension contributions over the year, how much of a pension payment will I make over an entire year (in revenue's eyes)? Is it the total DC deduction + the total AVC contribution?
    I'm guessing it is but I'm not 100% sure.
    Thanks!

    Are you looking to make further contributions?

    And are the AVC's relieved by your employer in your pay?


  • #3
    bobdillon
    Closed Accounts Posts: 16 ✭bobdillon


    gerrybbadd wrote: »
    Are you looking to make further contributions?
    No, won't be doing any extra contributions, except for the usual monthly AVC and deduction for DC
    And are the AVC's relieved by your employer in your pay?
    Yes the tax relief is relieved in my pay automatically by my employer


  • #4
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    Ok.

    The total contributions should be detailed on your payslips then.

    If you're on a salary, its a matter of multiplying by 52 for weekly paid etc.

    If you want to work out the percentage of contribution, take the total contribution, divide that by your gross pay, and multiply by 100


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