Income allowed for pension relief calculations

[Mommabearof3]

Hi there hopefully somebody can help my income is 66000 and I am 51 I am trying to maximise pension contributions. I wondered if when calculating the relief allowable at the higher rate if the incapacitated child allowance can be calculated as income? I currently put 1000 euro monthly into a Zurich prsa avc and am in a dc scheme at work where my employer contributes 8%. I am contributing 800 euro a month into that but think I might be miscalculating. My fund is brutal with a value of only 150k approx in the DC which was a beautiful DB in its day but anyhow I need to build a bridge on that one. My Zurich fund has approximately the same value.

 

[Conan]

Social Welfare payments are not deemed as “earned income” for pension contribution purposes. So NO.

 

[Mommabearof3]

Thanks for your help

 

[ginslia]

A quick way to check is to look at your USC’able income and base the % calculation on that for your maximum pension contribution. The difference between USCable income and taxable income is usually your pension contributions to date.

Watch out for items like taxsaver travel tickets or biketowork schemes, as these reduce the USCable amount.

 

[Mommabearof3]

Thank you for that I was only thinking about a taxsaver travel ticket and I wanted to try and increase my contributions. I have kids 22/23 hopefully I can talk them into early pension planning its hard to accrue a decent pot.