LA Brokers Zurich PRSA application form - salary deduction section query

SClarke

Registered User
Messages
10
I'm reviewing the LA Brokers Zurich PRSA application form at the moment as I'm considering it as an option for my pension. I don't have a pension and my company doesn't currently provide one. I had a question around the section on payment terms if anybody might be able to help, there's the direct debit option but also an option for 'salary deduction/employer contribution', does anybody know if this just relates to when your company contributes or is there a way to arrange payment of your pension through your employer through salary deduction and this is what it's referring to (even if they aren't contributing)?

In this case, is tax arranged so that you don't have to do a tax return at end of every year then? For reference the application form is on their website here & it's section 1c & 2 i'm referring to here, i'm not sure which to pick - https://www.labrokers.ie/wp-content/uploads/2020/05/3281-Standard-PRSA.pdf.

On another note, if you have an LA Brokers Zurich PRSA i'd love to know how you're getting on with it & if you've run into any issues with the admin side of things as a result of not going direct with Zurich.
Thanks!
 

Dave Vanian

Frequent Poster
Messages
645
Your employer would need to agree to facilitate salary deductions through payroll, which would benefit you by having the tax relief processed immediately for you each month. There would be a Zurich Life Direct Debit set up to take the money from your employer's bank account each month. Employer contributions are not necessary.
 

SClarke

Registered User
Messages
10
Thanks for the feedback! @Dave Vanian I guess in the case that I want to arrange the salary deduction with my employer, i'd be signing the 'Signature of PRSA Contributor (Employee)' section only and keeping the 'signature of employer' section blank and then asking my employer to fill out the direct debit section at the end if they agree to facilitate it? Sounds like the best scenario.

Just another question, if my company decide to roll-out a company pension scheme eventually and I want to transfer my PRSA, would I be requiring LA Brokers to facilitate this or would I be going through Zurich? Be great to hear from anyone who may have experience of this or just has the knowledge around it re any charges/ ease of doing this etc. Thanks again.
 

LDFerguson

Frequent Poster
Messages
4,258
Thanks for the feedback! @Dave Vanian I guess in the case that I want to arrange the salary deduction with my employer, i'd be signing the 'Signature of PRSA Contributor (Employee)' section only and keeping the 'signature of employer' section blank and then asking my employer to fill out the direct debit section at the end if they agree to facilitate it? Sounds like the best scenario.
Your employer would need to fill out a separate employer form to set up the arrangement.

Just another question, if my company decide to roll-out a company pension scheme eventually and I want to transfer my PRSA, would I be requiring LA Brokers to facilitate this or would I be going through Zurich? Be great to hear from anyone who may have experience of this or just has the knowledge around it re any charges/ ease of doing this etc. Thanks again.
You can do that directly with Zurich Life. There can, by law, be no charges for transferring a PRSA to another pension arrangement, at the PRSA end. Whether or not there are charges at the receiving pension scheme end is up to the receiving scheme.
 
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