New PRA wit LABrokers

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niallNoi123

New Member
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Hi there, I am looking for some advice I cannot find anywhere in forum history regarding my particulat situation

I am 39 years old, having never really put anything towards a pension. I sold my business this year and have cash sitting in my account and want to try get a pension in order, maxing my contributions going forward.

Im leaving my current employer (buyer) this November but want to setup a PRSA now so I can do a AVC for 2023 for the max amount (which I understand has to be done before october of the next year). I also want to do the same for 2024.

As I start a new job in November, I don't want to create a PRSA with my current employer contributing, I want to just do an AVC for now. Is it possible to create a PRSA with LA Brokers now where the only contribution is the max AVC for 2023? Then in November when I start my new job, begin monthly contributions through my new employer?

The form from LA Brokers is leaving me a bit confused and they are unable to help me as this is not a service they can provide.
 
niallNoi123 said:
As I start a new job in November, I don't want to create a PRSA with my current employer contributing, I want to just do an AVC for now. Is it possible to create a PRSA with LA Brokers now where the only contribution is the max AVC for 2023?
Click to expand...

Yes. You can make a lump sum PRSA contribution now and claim your tax relief against 2023. Two quick points: -
  • As well as making the PRSA contribution, you also have to claim the tax relief before November 14th 2024 for 2023 tax year, assuming you'll be using a Revenue online service. The deadline applies to both making the contribution and claiming the tax relief.
  • When you're claiming your tax relief don't call it an AVC. That's only relevant for members of Occupational Pension Schemes. It's a PRSA contribution. I'm not being pedantic for the sake of it. If you claim for an AVC to Revenue, it could cause confusion.
Regards,

Liam
www.FergA.com
 
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