Is it too late for this year?

[db2admin]

Is it too late to start a pension for this year?
My employers have a pension scheme where they will contribute a small percentage. Could I join the pension now and add voluntary contributions in the form of a lump sum, so that I could get the tax benefit for next year and also get a pension going. I have a bond from a previous company which liquidated, all of the companies I have worked for recently (IT) have folded and I didn't want bits of pensions all over the place.
Thanks

 

[Chord of Souls]

You can pay in Additional Voluntary Contributions (AVCs) to your new Occupational Pension Scheme any time up to 31/10/2005 and include them in your tax return in respect of 2004 tax year, i.e. claim your own tax and PRSI relief back.

If you want your tax and PRSI relief to be processed automatically for you, you need to pay the AVCs through salary deduction and phsically pay them before 31/12/2004.

 

[ClubMan]

Just to follow on from what Chord of Souls says it is "too late" to make a contribution and claim tax relief in respect of the 2003 tax year as the deadline for that was October 31st 2004 (and the same goes for any other year as explained above).