AVC calculation and filing Form 11 for 2018 – Help!

[world201812]

Having received a P60 for 2018, I have a query about making AVC’s for last year, up to the limit of 20% as I am under 40 years of age.

The reason I ask is, I made a once off lump sum to what I thought took me up to the 20% threshold, and as I went through the Revenue Form 11 online, it appears based on the calculator I could actually potentially make an additional contribution.

So, my question is when it says you can do 20% of salary into AVC, is this separate or in effect in addition to the 5% of weekly salary I was making to the company pension scheme, or is it 20% less what I contributed at work, circa 2,000?

It might seem glaringly obvious, but I am confused!

Also, in effect, if you earn plus 35k, and you earn say 49,500 would the max potential AVC be circa 9,900, and again, would this be irrespective of whether or not you have made contribution to work scheme?

In terms of that contribution say of 9,900 in AVC and you are on higher tax band, would I be right in thinking that you’d get circa 3,960 euros back from the state/revenue?

 

[RedOnion]

It's 20% less your total pension contributions made through payroll (whether AVC or otherwise).
Do you have part of your pay which is not pensionable, maybe an allowance / bonus? That's what happens to me - I have a car allowance, so even if I make 20% contribution through payroll, I can still make a little extra when doing my annual tax. (i.e. 20% of my car allowance).

 

[world201812]

Hi RedOnion

Thanks for getting back so quick. No I have no part of my pay which is not pensionable.

43300 is salary, 6666 was AVC’d in, yet Revenue calculator says 8679 could have been added in.

I can take it that my original, pre logging onto the Revenue form 11 calculator is correct, of 6666 is accurate so. 6666 figure look right based on 2k circa deduction during the 52 weeks?

Don’t how or why figure of 8k plus appeared!

Cheers for that Red Onion.