Advice needed on how to plan pension contributions for max tax relief

[daymoh]

Background:
salary ~ 125k
Currently contributing 10% and employer matching 10%.
Pension contribution limit for my age band is 25%

I would like to increase my pension contribution to avail of max tax relief on pension contributions. My understanding is that my employer contributions of 10% do not impact my pension contribution limit.

I'm a little confused by the following text on the revenue pension website: "The maximum amount of earnings taken into account for calculating tax relief is €115,000 per year.".

My understanding is that the max I can claim for tax relief is 25% of e115k so 28.75k.

If I wanted to maximize my pension contribution to avail of tax relief, I would need to contribute 23% of my salary (28.75k/125k = 0.23). Is this correct?

Thanks in advance for confirming/correcting my understanding.

 

[Sarenco]

The maximum annual, tax-relieved, contribution you can make at your age is €28,750 (25% of €115k).

The employer contribution is on top of that again.

 

[daymoh]

Thank you. That is clear.

 

[asdfg]

You can also make a pension payment for 2023 provided it is done before end of October 2024. You have to say it is for 2023 when making your return.

 

[MugsGame]

Done = Paid and claimed for by way of tax return by end of October.