Pension - tax relief & PRSAs

Hi

Does anyone know how the tax relief on pensions is calculated in your 40th year?
ie do you get the whole year at 25% relief or does it only apply to the months in that year after you have reached 40?

Also is it possible to have 2 PRSAs or are you restricted to one. The reason I ask is that the PRSA that my company provides doesn't do life assurance. I could go an get life assurance myself but it would not qualify for tax relief when it is standalone and not attached to a pension/PRSA.

Many thanks,
jemol

You qualify for the higher contribution figure in the tax year in which you reach age 40 or age 50 as appropriate. You are allowed to contribute 25% of total earnings in the year you reach age 40.
Yes you can have more than one PRSA. In relation to Life Cover you could establish an Executive Term (or Personal Pension Term) only plan which would qualify for tax relief. Talk to your pension consultant or PRSA provider.

See and the Pensions Board website for more on these issues.