Hi there,
Just putting this query out there before calculating an AVC payment. With the recent changes whereby I now directly contribute to my pension via salary.
Just to clarify - what do you mean by 'directly contribute to my pension'? Are you talking about the pension levy or what?
Yes, I guess thats what I meant. Just did a search there and came across this link [broken link removed]
There it seems to imply the levy will be regarded as pension contributions.
Awaiting a response back from the pension department...
S.
I can't comment on whether it is officially a 'pension contribution' but it does attract tax relief (you may remember the mess when the government miscalculated how much benefit there would be from the pension levy - they announced the gross amount but then had to row back red-faced when the net impact was a lot less due to tax relief - I don't think anyone ever found out whether the intention was for it to be a gross amount not attracting tax relief or whether tax relief was hurriedly shoved into the mix when there was uproar over the levy). So as it attracts tax relief, it should erode the max tax relief available for pension contributions.I didn't think the levy was considered to be a pension contribution.
This link http://www.education.ie/home/home.jsp?pcategory=31472&ecategory=47136&language=EN seems to imply the pension levy contributions actually dont affect the threshold levels for tax relief...
S.
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