Pension advice for company directors and teacher

Looking for some advice please.

Myself and wife are company directors. It pays us approx €18,000 each a year. We pay ourselves just enough to just stay under the 20% tax threshold while still leaving ourselves enought to live on. We are in our mid 40's with 4 children (aged 8-15) and we have no pension yet.

My wife is studying for her masters in education and is about to start teaching secondary level next year. As I understand it she will receive a teachers pension.

Is there any advice out there on how we should set up pensions? We feel we have major catching up to do.

My research led me to this idea:
We can live on my wifes teacher wage (approx 44,000 if/when she gets full time position) + Make the most of Small Benefit Exemption Scheme from our business
Pay myself a reduced wage of 5000 (to keep prsi contributions going)

Can we then put the remainding money that we would have paid ouselves previously into a PRSA pension as there is now no limit?

So for example:
So we currently pay ourselves 18000 each
Reduce this to €5000 just for myself. (remove here from the payroll)
Can we put this remaining €31,000 annually into a PRSA pension?

Is this a viable way to do it?
Is there any reason why we cant do it this?
Is there a better way?

Any help appreciated

thanks
G

Sounds like a great plan to me. I do something similar. I pay myself 5k as company director, and put the rest into a prsa

You are managing a household with 4 kids on 36k gross per annum? That's incredible tbf.
If you can live that frugally don't worry too much about only getting to your pension now - with state pension and reduced expenses relative to now, sounds like you will be fine