As a member of a pension scheme, you must max out your pension contributions to the public service scheme through making AVC's. After you have done that, you can make contributions in relation to the sole trader income.If a person will get a public sector pension (and potentially AVCs related to same in future) and they operate as a sole trader as well so could avail of a PRSA (and in addition they have a small legacy pension from a previous employment etc but that's a minor consideration)...how do they go about figuring out the best pension investment strategy......I'm finding it complicated to calculate and make decisions.
Is there a way to try figure out or estimate what the max rate of contributions across all pension options should be to take maximum advantage of tax relief at the higher rate?
Yes, if the sole trader can incorporate, the contributions can be made as employer contributions and the public service pension does not have to be maxed out with AVCsUseful clarification, Steven. Am I correct in thinking, however, that if the sole trader can incorporate the business, the company may make pension contributions that are not limited by either the age-related percentage or the €115k?
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