Cornmarket too good to be true?

[acequion]

Thank you so much, Gerard for your reply, I really appreciate you taking the time to do so. You see I am afraid that I may have submitted it all wrong and messed up the whole thing. However, after I tried to submit it, I opened an enquiry where I explained everything clearly and attached supporting documentation. I got some sort of reply back that I have to do an updated tax form to get refunds /credit so heading over to do it now. Watch me most likely mess it up again!! [sigh] I don't find their website in any way user friendly for the lay person. I think I finally got the proper credit for my regular monthly contributions to the fund for 2024. My payslip seems ok now. Thanks again for the help.

 

[DingDing]

They have arrangements with a lot of the public sector unions. I am in the TUI and all the products are sold by Cornmarket. AVC's, Income Continuance, Retirement Life Insurance etc.....

 

[POC]

Has anyone ever got to the crux of why the Forsa are so cosy with Cornmarket?
I too am relatively new to the public sector. I started AVC's 3 years ago & all I can tell you is at this moment my fund is worth 10% less than what I put in. Another point.... why is New Ireland the provider when they have consistently given worst returns over last 10 years.
Im very disappointed so far & the approx figures Cornmarket gave me on retirement will def not be reached unless there is serious upswing over next few years.

Cornmarket use other providers too. I'm with a different one.
Have a look at the funds you've chosen. Some funds are very safe - low risk of losing money but also limited scope for high returns. If it's a long time until your retirement you could choose higher risk funds. (Such as funds which track a stock market index). You should look into your options.

 

[maura]

@lastbuilders Have a look at the links in this post https://askaboutmoney.com/threads/c...lump-sum-or-regular-contribution-avcs.220671/

For regular contribution you can upload the PRSA2 Certificate after you receive it from the product provider.

What Revenue do is that they split the relief between a credit adjustment and an amendment to standard rate cut off. They expand standard rate cut off point to allow for the remainder of the relief.

No idea why they do that but that's how it works.

@acequion I don't use My Account so have no working knowledge of it. If you upload the proof that you're making the regular contribution AVC then you don't need to do anything else as long as the contribution stays the same.

Did you go through the process (in the links above) for the relevant tax year for the SPs? I don't see how it would be less hassle going though Cornmarket to resolve, what appears to be, a Revenue My Account issue.

Only time I've had clients come back to me on the My Account process is when it's not clear how the adjustment works on regular contribution and then I send them the text about Revenue splitting the relief and that usually does it.

Gerard

www.prsa.ie

I’m thinking about getting an avc (I’m early 50s)but am a very low income worker SNA and already get single parent tax credit meaning I pay very little paye tax a month about €14 for now as I’ve only begun this job in the last couple of years, how on earth would I get tax back of 20% on my avc contributions of maybe €300 max that can’t be taken at source by cornmarket because of my job, with other types of public servants it’s possible. It doesn’t add up for me maths wise. Hopefully someone wiser than me can advise, thanks.