Employer pension scheme + PRSA?

[Guest116]

Are there any restrictions to having both a pension with your employer and also a seperate PRSA which I initially would lodge in some money I earned as a self employed person for 2008? I was also a PAYE worker ion 2008.

 

[LDFerguson]

I'll assume that your employer pension is an Occupational Pension Scheme as distinct from being a PRSA itself. I'll also assume that your pensionable income is not greater than or close to €275,239. If so, the limit on what you can contribute to a separate PRSA is the age-related percentage (20% if in your 30s, 25% if in your 40s etc.) of your self-employed income.

Even if you weren't contributing up to your maximum limit on personal contributions to the occupational scheme, you can't address this by simply adding more to the PRSA. You'd need to do an AVC PRSA or an AVC to top up your occupational scheme and a PRSA or RAC in respect of your self-employed earnings.

Liam D. Ferguson