PRSA for wife 44yrs

Hi guys,

The wife has two small PRSA schemes from previous work. She is now 44 and is looking for another plan - the two she has can't be contributed to anymore as they were with previous employers. Should she start again with another? It seems like a waste havign three small PRSA's instead of one larger sum.

Does it make sense to start again?

Her salary is from another EU company, so not eligible for tax deductions as far as I know.

Thank you in advance.

It can actually be a good thing to have more than one pension as you can then retire individual ones as and when suits best rather than everything at once.

I'm curious as to why you think that her income is not subject to Irish taxation?

@Killter

The AMC is very likely to be the same on all PRSAs, unless it's a Non-Standard PRSA. It's not a waste having multiple PRSAs.

When she left each employer she should have received leaving service option papers which would have outlined what she could do with those pots of money.

I'm assuming what you mean in the latter part of your post is that the employer doesn't have a salary deduction facility for PRSAs and the employer isn't going to contribute? If so, they should have at least one if she isn't eligible for, or there isn't, an occupational pension scheme available to her.

But, she can set up her own PRSA and use the PRSA1 Certificate she receives with the policy documentation to adjust her tax credits/claim the tax relief via Revenue My Account immediately.

Gerard

www.prsa.ie

Hi Guys,

Thanks for the info.

Regarding the second part of my message - I wasn't very clear at all, my apologies.
Although she is Irish, she works from Spain and is tax registered there, and doesnt pay tax in Ireland. I am trying to find out from her Spanish accountant if she is eligible for tax deductions on her income there since Spain is another EU country.

I will investigate setting up another PRSA for her so. She has just started a private pension with ING Bank, but it turns out that in Spain you can now only contribute €1,500 a year to a private pension fund of this kind.

Thanks for the help.

Killter