# Can you contribute to two pensions concurrently?



## sickaroll (9 Apr 2013)

Quick enough I suppose; I'm employed in the private sector, and I have a pension, but for various reasons, I'm considering opening a second one with a different provider/Fund.

Can I contribute to, and benefit from income tax savings from, two pensions at the same time?
Say I gross €2,000 pm; could I put €100 pm into each, and pay PAYE based on an income of €1,800?
Assuming neither company goes to the wall in the next 30 years; will I get two pensions (in addition to State one) at retirement?  
Or is me mate 'Dave' right when he says I'm p1ss1ng away my money on someone else's Ferrari repayments, and try to buy an investment property?


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## TheFatMan (10 Apr 2013)

You may not contribute to an occupational pension scheme and a personal pension arrangement at the same time in relation to the same employment. However, you may make a personal pension arrangement in respect of earnings from another employment or from self-employment.

From Citizen's information site


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## IrishRain (18 Apr 2013)

Answer depends on the current pension you have.
If your employer is contributing to the existing policy and they are agreeable to contribute at least 10% of the premium for the new plan then there is no problem in having 2 or more pensions.  Employer needs to pay 10% of premium to get Revenue Approval.    At retirement all pensions are taken into consideration when calculating benefits.

Alternatively if you are in non pensionable employment and you have a personal pension/PRSA then again there is no problem in taking out another one.

I would get an estimated value of the existing policy assuming current premiums continue and also if an increase in premiums was done and compare the difference to the estimated value of a new plan as it may make more sense to top up existing than take out a new one.


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