AVC PRSA

[Ciaran6410]

Does anyone know of a decent AVC calculator, that takes employer contributions into account? I did the calculations myself but was just looking for verification - but after hours of googling I must not be searching for the right thing. There appears to be a difference with a PRSA which I have and other types of pensions.

 

[Conan]

Not sure I fully understand your precise query. But if you look at the Pensions Authority website you will see that they have a Pensions Calculator. This might help in terms of your overall contribution (Employer + Employee).
I assume you are a member of an Occupational Pension Scheme (to which your a employer contributes). There is a limit (for tax relief purposes) to what you can contribute (based on age).

 

[Ciaran6410]

Not sure I fully understand your precise query. But if you look at the Pensions Authority website you will see that they have a Pensions Calculator. This might help in terms of your overall contribution (Employer + Employee).
I assume you are a member of an Occupational Pension Scheme (to which your a employer contributes). There is a limit (for tax relief purposes) to what you can contribute (based on age).

Ok, I will try be a little clearer

I have a standard PRSA with Zurich of which pay 4% of my salary into and the company pays 8%.

I am 32 so have a 20% limit for tax relief.
If my gross salary is €84,000 is my limit €16,800 or can I add my employer contributions onto my gross so it would be €84000 + €6720(8%) = €90,720 with 20% of that being €18,144?

 

[Sarenco]

If your employer contributes 8% of your salary to a PRSA, you can get tax relief on a contribution of up to 12% of your salary.

 

[so-crates]

Citizen's information actually has a nice clear worked example of precisely your situation

Personal Retirement Savings Account (PRSA)

A Personal Retirement Savings Account (PRSA) is long-term personal retirement account designed to help you to save for retirement in a flexible way.

www.citizensinformation.ie

If you scroll down to the Tax Relief section you'll find it there.