Bonus payment to Pension Query

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Xaviermcd

Registered User
Messages
14
Hi Folks,

Just looking for some clarity on a query.

I will be finishing up at my current employer on 28th Feb 2025 as part of a voluntary redundancy scheme.
I have been recently informed that the yearly bonus for 2024 will be paid as normal in the following pay-run on 23rd March 2025.

This I would normally direct into the Company Share Scheme as it is Tax Efficient but as will no longer be an employee I won't be able to invest in the stock purchase.
Probably a silly question to ask but would I still be eligible to direct the bonus payment to my occupational pension given that my employment had ceased the previous month.

The Occupational pension scheme is with AON. I'm guessing that this won't be possible as the scheme would only be able to accept contributions if I was still employed.

Had to ask !!
 
Probably your payroll team should be able to answer this. There is a distinction, as I understand it, between the pay period that a salary payment is due for and the date the payment hits your pension. I don’t see why this situation would be any different, your bonus is due for your Feb salary, payroll running on March 23rd is a different thing to that, and payments submitted to the pension company are a third different thing as they may only go across in April!
 
The main query is that would I be able to instruct the employer / company I will no longer be a employee of in March, to transfer a sum of money from the bonus into my occupational pension to avoid paying income tax.

I will be following up with the company but I was hoping to get a clearer understanding for myself before hand.

Thanks for input.
 
Is this thread of any use?

Bonus into pension

Hi All I am in the fortunate position of getting a bonus soon and have the option of putting it into pension. How does this work ? Let say the bonus is 5000, does the 5k go into pension and i still pay the tax / PRSI and USC on it from my monthly pay? Or will the tax be deducted first and...
www.askaboutmoney.com
 
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