NoScenario:
public servant aged 60 retires in March 2023 with 28 years service
PRSI class D, so will get work pension at age 60
Has been doing an AVC recently, for maybe 2-3 years
the contributions to the AVC for the year 2022 are below the limit of 35%
lump-sum not paid by employer yet, no sign of it, employer seems slow
Can the person make further one-off contributions to the AVC, in the days/weeks after official retirement, but before the lump-sum is paid?
No. Once you are employed for any part of a tax year you have up to October 31st (or maybe November 15/16th?) of the following year to make a pension contribution in and claim tax relief against earned income.I make a top up to my AVC by lump sum every year and declare this to revenue.
If leaving employment that lump sum for the curent or previous tax year has to be before last day of work?
Yes that is correct for AVCs. AVCs relate to an occupational pension scheme.I make a top up to my AVC by lump sum every year and declare this to revenue.
If leaving employment that lump sum for the curent or previous tax year has to be before last day of work?
Apologies. I was (incorrectly?) referring to a "general" PRSA. I forgot that AVC PRSAs are different.Clubman is wrong. The correct advice for AVCs was given at post 2.
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