Help filling out Eagle Star PRSA application

[geecee]

Hi All
I have decided to go with the Low cost PRSA from EagleStar
This will be on an execution only basis through labrokers

Currently filling out the application form
Have a few questions which hopefully someone here can help with:

1."Selected Retirement age"
If i choose 65 here - do i have to wait until 65 to get any benefits - or can that be changed

2."Once off contribution can only be paid by cheque or Bank draft"
I intend to put the remainder of my SSIA savings 6K into the PRSA - do i send the cheque in with the application form?

3. I intend to write this 6K off against last year (2006) taxes do i need to tell them that along with the application?

4. Alternatively am i better to start up the PRSA - without sending them the once off contribution, and once it is set uo - send them in the 6K with a letter and ask them to supply me with a PRSA form for 2006?

5.Finally if i apply fo r the PRSA this week - how long does it take to set up and for me to get the relevant forms(PSRA1?) back from Eaglestar?
ie. Will i make the october 30th deadline in order to claim it against 2006's tax

Please don't ask me to get independent financial advice.... Thats why I'm here

Thanks in Advance!

 

[ClubMan]

In my experience even execution only brokers will at least help you fill in the form and answer any questions that you have about it!

2."Once off contribution can only be paid by cheque or Bank draft"
I intend to put the remainder of my SSIA savings 6K into the PRSA - do i send the cheque in with the application form?

Do you mean via the [broken link removed]? If so then you send in a cheque for, say, €7,500 and then Revenue will top it up by €2,500 plus some portion of your SSIA exit tax. Or in your case €6K + a topup of €2K + some portion of your SSIA exit tax.

3. I intend to write this 6K off against last year (2006) taxes do i need to tell them that along with the application?

If you are availing of the SSIA PITC then you cannot claim additional tax relief on the money involved otherwise you would be getting tax credits/relief on the double!

4. Alternatively am i better to start up the PRSA - without sending them the once off contribution, and once it is set uo - send them in the 6K with a letter and ask them to supply me with a PRSA form for 2006?

Maybe a moot point based on my previous comment?

5.Finally if i apply fo r the PRSA this week - how long does it take to set up and for me to get the relevant forms(PSRA1?) back from Eaglestar?
ie. Will i make the october 30th deadline in order to claim it against 2006's tax

Again maybe moot but in general once the contribution has been made before October 31st that is the main thing.

 

[Dave Vanian]

Re: Help Filling out EagleStar PRSA application

The SSIA PITC scheme expired earlier this year so I presume this poster is talking about making an ordinary pension contribution and claiming tax relief on it against 2006 tax year. The fact that it is being funded from the proceed of the SSIA is irrelevant.

From LABrokers website..."if you have any questions, please feel free to contact LABrokers at 01-281 0577 (Monday to Friday 9am to 5pm except lunch 1 to 2)."

Would that not be the more appropriate place for your queries than Askaboutmoney.com?

 

[ClubMan]

Re: Help Filling out EagleStar PRSA application

The SSIA PITC scheme expired earlier this year

Sorry - I thought that it was still available to some SSIA savers but I see that the last SSIAs matured in April 2007 to it's expired as you say. So disregard my comments about the SSIA PITC scheme and ineligibility for tax relief agaisnt this or last year's earnings.

 

[geecee]

Re: Help Filling out EagleStar PRSA application

Hi All
Sorry for not being clear on my original question:
I am not looking to claim on teh PITC scheme - as I'm on the 41% tax level and can get more refunded if I claim against last years taxes...

With regard to the suggestion to call Labrokers - their site says they are not in a position to offer advice on the Low Cost PRSAs....
(i'm not surprised as they get nothing out of the execition only PRSA)
Thats why i asked here!

Thanks in advance for any answers

 

[ClubMan]

Re: Help Filling out EagleStar PRSA application

I am not looking to claim on teh PITC scheme

It's not available anyway and I was mistaken to even mention it as explained above.

With regard to the suggestion to call Labrokers - their site says they are not in a position to offer advice on the Low Cost PRSAs....

Advice is one thing - help with filling out the form is another in my opinion!

 

[jrewing]

Re: Help filling out EagleStar PRSA application

Must be that time of year....I had a question this morning for LA Brokers on filling out an Eagle Star PRSA form. I called them on the number given above and they were very helpful in assisting me.

 

[ClubMan]

Re: Help filling out EagleStar PRSA application

Must be that time of year....

Speaking of which - heading towards the end of October tends to be a busy time for such discount brokers so if you have questions don't leave it to the last minute when they could be swamped.

 

[Dave Vanian]

Re: Help filling out EagleStar PRSA application

Advice is one thing - help with filling out the form is another in my opinion!

ClubMan's right - in this context "advice" would usually mean "I have €6,000 to invest. What should I do with it?"

The sort of questions you are asking would constitute information not advice. Given their reputation for good customer service, I'd imagine LABrokers will help you here.

 

[Claire1981]

Re: Help filling out EagleStar PRSA application

Hi geecee,

In terms of selected retirement age this can be changed. If you specify age 65 now on the application form you can change this later on if you decide to retire before 65. A signed letter from you to Eagle Star is all that will be needed.

You are better off attaching the cheque to the application form as the policy will not be in force until Eagle Star receive the cheque.

You don't need to advise Eagle Star that this contribution is for the 2006 tax year. Once you receive the policy document (assuming all is in order this usually takes about 7-10 working days) there will be a PRSA certificate attached. You can submit this certificate to the Revenue to claim tax relief for 2006. If you deal with an accountant you can give them this certificate and they will sort it out for you.

Most companies will be very busy for the next few weeks but you have plenty of time before the October 31st deadline.