# Can you have more than one PRSA/Pension



## MandaC (22 May 2008)

This may be a silly question but am looking for some help.  I started a PRSA in January this year.  Now I may be starting a new position and they have their own pension plan to which they match your contributions up to 5%.

Can I keep the two going.  I know I will only get tax relief up to the max allowable for my age/earnings etc.

What would your advices be!


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## shaking (22 May 2008)

Definitely join the company scheme as it's effectively free money you're getting from your employer towards your pension.  If you have enough spare cash to pay 5% into it and more into your PRSA you can have an AVC PRSA also and claim tax relief up to the threshold. As far as I know you can't keep a regular PRSA going aswell as a company scheme unless you have 2 sources of income.


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## MandaC (22 May 2008)

Thanks for that.  Irish Life have just told me that I can't have two, but if you look at citizens information website from the pensions board, its not really clearly stated. 

Bit of good news too is that the value is up on it.  Had only started paying in January and expected a hit, but have a very small gain.

Thanking you very much.


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## Brambles (22 May 2008)

According to New Ireland PRSA brochure there are no limits on the number of PRSAs a person can have.


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## Brambles (22 May 2008)

Just found this in the Pension Boards Booklet:

'Where you have more than one source of income you may take out a PRSA in respect of a source of income from self-employment or non-pensionable employment, while being a member of a company pension scheme. If you have only one source of income and are a member of a company pension scheme, you may pay AVCs either within the company pension scheme or to a PRSA'

Not sure if this is of any value


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## musicfan (22 May 2008)

Brambles said:


> Just found this in the Pension Boards Booklet:
> 
> 'Where you have more than one source of income you may take out a PRSA in respect of a source of income from self-employment or non-pensionable employment, while being a member of a company pension scheme. If you have only one source of income and are a member of a company pension scheme, you may pay AVCs either within the company pension scheme or to a PRSA'
> 
> Not sure if this is of any value


 

I know somebody who is part of a company pension scheme - part paid by the company and additional contributions paid by themselves.  They also pay into a PRSA each month.  Is this wrong?


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## MandaC (22 May 2008)

Musicfan, thats exactly what I was looking to do.   I read something on citizens advice saying that if your company pension does not have allowable avc's then you can start a PRSA - but outside of this I really am not sure.

Ideally I would like to keep paying into the PRSA, even if I reduce the monthly amounts.


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## Brambles (22 May 2008)

You can definately have as many PRSAs as you like. I've read it so many times in recent days while researching a PRSA for myself. But there does seem to be some limitation around seperate PRSAs while making regular payments into company schemes. I think we need help on this one!


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## shaking (23 May 2008)

You can be a member of a company plan and have a PRSA to make AVC payments into but it has to be a PRSA AVC and not a regular AVC there is a difference. MandaC if you're going to joing the company plan you need to contact the life company you have the PRSA with and see can you change it to an AVC PRSA. Otherwise cancel the PRSA and make AVC payments into the company scheme.


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## MandaC (23 May 2008)

Thats great, thanks all.


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## LDFerguson (23 May 2008)

If you have only one source of income (PAYE employment) you can join the Occupational Pension Scheme of that employment (if available).  You can also make AVCs to the scheme if the scheme has an AVC facility.  Or you can choose your own AVC PRSA and pay it by Direct Debit.  (An AVC PRSA is a close relative of a PRSA in terms of funds, charges etc,. but it must be designated an AVC PRSA).  

In theory, you can also continue contributions to a separate pension plan simultaneously, e.g. a Personal Pension, but this would not be advisable as you won't get tax relief.  

Liam D. Ferguson
www.ferga.com


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## MandaC (23 May 2008)

Thanks for that.


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