Calculate percentage for pension limit

C

Castlelyons

Registered User
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If I'm looking at my Employment Detail Summary doc on ros.ie/my documents, how do I determine what percentage/how much employee contributions I have paid into pension. I mean in terms of the age limit for contributions and assuming my gross is above the upper limit

Is it
( Gross pay - Pay for Income Tax)/115,000

Where 115,000 is the upper limit.

Example
(100,000 -80,000) /115,000= 17%







?
 
I don't understand the division by 115k above.
Why not just add up your pension contributions for the year and divide by your gross pay for USC purposes to get the percentage?
 
Castlelyons said:
If I'm looking at my Employment Detail Summary doc on ros.ie/my documents, how do I determine what percentage/how much employee contributions I have paid into pension. I mean in terms of the age limit for contributions and assuming my gross is above the upper limit

Is it
( Gross pay - Pay for Income Tax)/115,000

Where 115,000 is the upper limit.

Example
(100,000 -80,000) /115,000= 17%







?
Click to expand...
This formula looks good to me. However, in your example, gross pay value < 115,000, a slight correction as an example would be:
Example
Gross pay = 120,000
Pay for income Tax = 100,000
(120,000 - 100,000) / 115,000 = 17%
 
@ClubMan, ya suppose..

My income is greater than the 115,000 upper limit. I'm in the 50 - 54 .. 30% bracket.

I can get 40% tax relief on 30% of 115,000 upper limit which is 34,500.

I've paid approx 20k in employee pension contributions for 2023.. and recieved the 40% tax relief through pay roll.

So, I can get 40 % tax relief on an additional 14,500 if I make an AVC against 2023 before end of October.

Does this all sound right?
 
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