I earn €100k and my wife earns €35k in HSE.
As she works part time she will not earn a maximum pension so we are setting up an AVC for her. I have been paying 20k in AVCs. We have a jointly assed income for Tax. We are both aged over 55.
My pension is now over €800k and therefore I will max out on the tax free lumpsum (€200k) on retirement. Her pension forecast is 10k p.a and lumpsum of $42.9k
So how much can we put in her AVC. Is it to a max of 35% of her salary (35k * 35% = €12.5p.a.) or is it to a max of 35% of our combined Salary([35k+100k]* 35% = €47.25k p.a. )?
As she works part time she will not earn a maximum pension so we are setting up an AVC for her. I have been paying 20k in AVCs. We have a jointly assed income for Tax. We are both aged over 55.
My pension is now over €800k and therefore I will max out on the tax free lumpsum (€200k) on retirement. Her pension forecast is 10k p.a and lumpsum of $42.9k
So how much can we put in her AVC. Is it to a max of 35% of her salary (35k * 35% = €12.5p.a.) or is it to a max of 35% of our combined Salary([35k+100k]* 35% = €47.25k p.a. )?