# New primary teacher - PRSA with Eagle Star



## RJD (2 Nov 2007)

I've just got my first permanent primary teaching job and after a lot of confusion, I've managed to figure out (I think!) what I'm after in terms of PRSA/AVCs.

Im going with a PRSA from Eagle Star and the following are questions on the application form that I'm not sure about. Maybe you could help me in the right direction.

*Part B* of the form relates to someone who is a member of a *Public Sector Scheme* and only asks for details of my employing department and contributions I am currently making.

*Part C* relates to someone who is a member of the *Private Sector*, and its that one that asks for the details of trustees and lots of other bits and pieces that I just don't know etc.


Am I right that Part C does *not* apply to me and that just by filling part B (for Public sector workers) that the form can be processed? 

I would then fill in a salary deduction slip which I send to the payroll section of the Department of Education.

Surely its not that straight forward?

Thanks for your help!


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## MMilken (2 Nov 2007)

It should be that straight forward!

If it's confusing then your advisor should help you.


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## RJD (2 Nov 2007)

MMilken said:


> It should be that straight forward!
> 
> If it's confusing then your advisor should help you.



Great because looking for the trustee information could ruin my day.


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## MMilken (2 Nov 2007)

Public Sector Schemes don't have Trustees!


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## RJD (2 Nov 2007)

MMilken said:


> Public Sector Schemes don't have Trustees!



So how do I set up the link then that my fortnightly payments are tax deductible at source? i.e. that I dont have to claim it back at the end of each year?

Thanks for your help by the way!


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## MMilken (2 Nov 2007)

Your Payroll administrator should look after that for you.


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## RJD (2 Nov 2007)

MMilken said:


> Your Payroll administrator should look after that for you.



I rang the department of Education today.. and I'll quote

"The AVC company are getting very well paid to give you that very good information".

I really hate dealing with the Dept. Ed. payroll. Its shocking. 

I suppose its a case of registered posting the salary slip that Eagle Star give me to the Dept. Ed. and hoping for the best.


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## MMilken (2 Nov 2007)

Do you have an advisor, I am taking it that you do not?


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## RJD (2 Nov 2007)

MMilken said:


> Do you have an advisor, I am taking it that you do not?



I actually do.. two of them. Neither have hit the nail on the head just yet. For example I only learned now that I dont need trustee information.


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## MMilken (2 Nov 2007)

That's called a broker, not an advisor!


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## mula (2 Nov 2007)

MMilken said:


> Your Payroll administrator should look after that for you.


 
no they wont. deduction at source can only be used if you go with cornmarket


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## mula (2 Nov 2007)

RJD said:


> I actually do.. two of them. Neither have hit the nail on the head just yet. For example I only learned now that I dont need trustee information.


 
are u paying these people to advise you?


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## MMilken (2 Nov 2007)

mula said:


> no they wont. deduction at source can only be used if you go with cornmarket


 
Revenue can arrange this through increased tax credits - the payroll department would have to liaise with revenue.


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## RJD (2 Nov 2007)

Any advice I've received has been from independent brokers, and to their credit, they've given me a lot of help to understand the basics. No, I havent paid them.

Its amazing that Cornmarket are the only company that the payroll department will deal with. Surely there has to be some sort of.. independence in the payroll section!? 

Its good to know that if I sign up for Eagle Star, I can then pass the details to revenue who will reissue my tax certificate to the Dept. Education payroll.

Does this mean that I would have to have a new tax certificate reissued every time the amount I pay changes? i.e. If I change the amount I pay into my PRSA every year, in line with my movement up the payscale, that I would have to inform revenue of this change and they would then reissue the new tax details certificate to myself and the Dept. Ed?

Thats quite messy but it seems to be my best/only option.

Thanks again for all your help. I'm learning an awful lot today. Excuse my naivity or lack of knowledge on the subject. I dont want to be just another of the "I signed something, I just dont know what" brigade.


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## Protocol (2 Nov 2007)

OK, I have some experience of this.

If you choose a non-Cornmarket Irish Life AVC, then you will not get tax or PRSI relief through payroll.

But it's not much hassle.

You forward the PRSA cert to the Revenue and, yes, they issue a new Cert of tax credits.

Yes, if you change the PRSA amount, you will need a new cert of tax credits.


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## RJD (3 Nov 2007)

Protocol said:


> OK, I have some experience of this.
> 
> If you choose a non-Cornmarket Irish Life AVC, then you will not get tax or PRSI relief through payroll.
> 
> ...



Great.. Thanks for that info. Its good to know it has been done before!

Does anyone else not think its absurd that the Department will only deal with Cornmarket?!


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## Protocol (3 Nov 2007)

The DES will be of no help with a PRSA, as expected.


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## ClubMan (3 Nov 2007)

MMilken said:


> Revenue can arrange this through increased tax credits - the payroll department would have to liaise with revenue.


Even then you'll have to claim _PRSI _relief (if applicable) separately. There's a key post on this.


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## ClubMan (3 Nov 2007)

RJD said:


> Does anyone else not think its absurd that the Department will only deal with Cornmarket?!


This has been discussed in detail before. If I recall correctly _Cornmarket _had (have?) very high charges. They even issue a press release attempting to rebut valid criticism on this and maybe other matters voiced on _AAM _a few years back!


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## Protocol (3 Nov 2007)

Most public sector pension schemes have just one associated AVC scheme.

This is actually a trade union issue.

The ASTI deal with Cornmarket, etc.

So you can't really complain about the DES, as it's a union issue.


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## Protocol (3 Nov 2007)

RJD, there are two application forms for the Eagle Star PRSA-AVC.  The first is a general form for all AVCs, the second is specific for PRSA-AVCs.

A good bit of the second form wil be blank, as you say.

My father is a secondary teacher with:
(1) superannuation
(2) Cormarket / IL AVC
(3) Eagle Star PRSA-AVC


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## ajapale (3 Nov 2007)

MMilken said:


> Public Sector Schemes don't have Trustees!



I know of several public sector schemes that have trustees! (ESB, Bord Gas, Bord na Mona etc)

Perhaps you meant to say Public *Service* Schemes?


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## MMilken (3 Nov 2007)

I was referring to the teachers' scheme.

And all public service schemes in fact.


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