# Pension PRSA - Help needed before oct 31st



## seaside (19 Oct 2009)

Hi 

I am looking to start a pension (aged 46). I have 7k to start as a lumpsum but not sure I can contribute on a regular basis as I contract. I do not have time to investigate all the best options before oct 31st so I would like to be able to get the tax benefit by putting the 7K into a prsa product that would allow me to switch to another provider or product once I have time to go meet with an advisor in new year. Is this a correct approach? I know I should really meet with someone before hand but do not have the time. I don't want to put it into a product and then find I have charges to exit. Anybody able to help me out here, much appreciated.


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## LDFerguson (19 Oct 2009)

There's no requirement for you to pay a regular contribution into a PRSA if you don't want to. You can make ad-hoc contributions if you prefer. 

There can be no charge for transferring from one PRSA to another - it's written into the legislation governing PRSAs that there can be no penalties for transferring out of a PRSA. 

In the circumstances you describe, I'd suggest you choose a PRSA product with a wide range of fund choices (at least ten) as you may find that the product you choose has suitable funds for you to save you the hassle of transferring out of it in the New Year.

Liam D. Ferguson


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## seaside (19 Oct 2009)

Thanks Liam - I am assuming then if PRSA is moveable free of charge then what I am looking at is the bigs - Zurich, Eagle Star, Canada Life for multiple funds. Looking at some of the websites I can go for an "execution only", cut my costs and look at advice in Jan and move to another if then advised. Would this sound like a reasonable approach to people?


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## Paulie (26 Oct 2009)

I have a lump sum of €20K from an inheritance which I want to invest in a PRSA before Oct 31st. I already have a PRSA, but they are taking 5% out of every contribution, so I would be down a grand on my inheritance before anything goes into my PRSA with that crowd ( EBS), My question is can I start a second PRSA ( with a more favourable commision rate) and merge the two at a later date witout suffering overly severe penalties? Anyone with any suggestions on who I should be looking at if I can start a second PRSA? Many thanks for any suggestions or help.


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## GSheehy (27 Oct 2009)

Paulie said:


> My question is can I start a second PRSA ( with a more favourable commision rate) and merge the two at a later date witout suffering overly severe penalties?


 
Yes.



> Anyone with any suggestions on who I should be looking at if I can start a second PRSA? Many thanks for any suggestions or help.


 
Try this  link


GS


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## invest-or (6 Nov 2009)

As I understand it, the cutoff for making a pension contribution to write off against your 2008 tax is Oct 31st (or Nov 16th if using ROS). What what date *exactly* is counted? e.g. the date the money leaves your bank account?


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## LDFerguson (6 Nov 2009)

invest-or said:


> As I understand it, the cutoff for making a pension contribution to write off against your 2008 tax is Oct 31st (or Nov 16th if using ROS). What what date *exactly* is counted? e.g. the date the money leaves your bank account?


 
The date the pension provider receives your money and completed application.  That will be the date on the resulting certificate.  You also have to have filed your return and paid your tax by the relevant deadline date.  

Liam D. Ferguson


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## invest-or (12 Nov 2009)

invest-or said:


> As I understand it, the cutoff for making a pension contribution to write off against your 2008 tax is Oct 31st (or Nov 16th if using ROS). What what date *exactly* is counted? e.g. the date the money leaves your bank account?



On ROS this field says "Amount paid between 1/1/2009 and 31/10/2009 for which relief has not already  been granted and for which relief is being claimed in 2008", so can I include a payment made after 31/Oct but before 16/Nov?


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