Pensions and Tax question

[dave29]

Sorry if answered already.

My company offers a Pension where for every €100 i put in they put in €140. So €240 total per month.

I earn €36k which after tax is about €2300 ( i've health insurance with the company as well which lowers my take home a little )

I read that you get tax relief on pension payments ( is this right? )

If i decide to start on and I pay €100 a month will i then be taking home €2200 ? or something a little high as of the extra tax relief ?

sorry if stupid question i've no idea about pensions or tax

 

[LDFerguson]

The first €32,800 of your income is taxed at 20%. The next €3,200 is taxed at 41%. So if you put €100 per month into a pension scheme, you'll get €41 tax relief and your take home pay will be reduced by €59.

So €240 per month will be going into a pension and the cost to you will be €59 per month.

 

[dave29]

thats what i was thinking but wasn't sure.

Thanks for the reply.