New PRA wit LABrokers

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

Ok thank you so much, that makes things alot clearer.