One Off Pension Contribution

R

Radiowriter

Registered User
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Apologies if this has been asked before.

Monthly contributions on PRSA pension maxed out up to my allowable percentage against salary. Getting tax relief on these contributions. I'd like to make an additional one off payment to my fund. Can I do this once it's not included in taxable return? Thanks.
 
You can, BUT
- only 25% comes back as tax free lump sum (subject to €200k limit)
- income from balance taxable at marginal rate.
However any " excess" contribution can be carried forward to future years and may be allowed later (subject to €115k salary cap).
Q: how many years have you got to retirement?
 
Hi Conan. Thanks for the reply. I may make the payment (as I have some spare cash now) and carry forward any 'excess' amount into next year while reducing 2023 monthly contributions to keep in line with the percentage of salary allowable. 4 years to pension maturity but I might keep contributing longer before using it.
 
Conan said:
You can, BUT
- only 25% comes back as tax free lump sum (subject to €200k limit)
- income from balance taxable at marginal rate.
However any " excess" contribution can be carried forward to future years and may be allowed later (subject to €115k salary cap).
Q: how many years have you got to retirement?
Click to expand...
Is this “carried forward to future years and may be allowed later” also applicable to “excess” contributions to an occupational pension scheme?
 
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