Can you have two prsa's?

[Alfie]

I have the option of contributing to my new Employer's pension scheme - only one available and attracts a contribution from them. They will not make equivalent contributions to other schemes - fair enough.

However, the charges on the company scheme are 5% admin per contribution and 1% annual fund - the max.

I am thinking that I could put in the minimum to attract the employer's contribution, and open a second prsa which has lower charges.

My query is is this possible, and if it was, would my employer have to facilitate my contributions to both schemes and arrange relevant tax deductions etc?

Many thanks

 

[ClubMan]

My query is is this possible

Yes.

and if it was, would my employer have to facilitate my contributions to both schemes and arrange relevant tax deductions etc?

No. And they most likely won't. You will have to claim tax and PRSI relief manually. You can get tax relief on regular contributions via an adjustment to your tax credits. You can only claim PRSI relief at the year end when you have claimed tax relief. Obviously your age related tax relief limit applies to the total PRSA contributions.

 

[Alfie]

Thanks for the response