PRSAs and AVCs at the same time

outofmymind

Registered User
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Hi - I am in the post-2004 category. I have recently set up AVCs through Cornmarket with the aim of maximising my lump sum and also a PRSA-AVC through another provider to provide more income. Basically I was not impressed with Cornmarket but that seemed to be the best way to maximise the lump sum. I also have some self-employed income which varies between 2k and 8k a year - so not much.
Now I am not sure if I have messed this up.

A few questions
1. Is it ok to pay into an AVC through Cornmarket and an PRSA-AVC through another company at the same time, or can I only get tax relief on one of them? The combined amount paid each month/year is less than the total allowable for my age and earnings.

2. When it comes to paying out the tax-free lump sum can I get 1.5 times my final salary out of Cornmarket and then also get 25% of the total value of the PRSA-AVC (combined these will be less than 200k) or would I only be able to take a total of 1.5 times my final salary plus a tax-free lump sum based on my self-employed income in the final year?

3. If I retire early (cost neutral) I know that the Cornmarket pension has to be taken at that time, however would the PRSA-AVC also have to start then or could I defer that till 65 (or later)?

thanks
 
Last edited:
Hi - I am in the post-2004 category. I have recently set up AVCs through Cornmarket with the aim of maximising my lump sum and also a PRSA-AVC through another provider to provide more income. Basically I was not impressed with Cornmarket but that seemed to be the best way to maximise the lump sum. I also have some self-employed income which varies between 2k and 8k a year - so not much.
Now I am not sure if I have messed this up.

A few questions
1. Is it ok to pay into an AVC through Cornmarket and an PRSA-AVC through another company at the same time, or can I only get tax relief on one of them? The combined amount paid each month/year is less than the total allowable for my age and earnings.

2. When it comes to paying out the tax-free lump sum can I get 1.5 times my final salary out of Cornmarket and then also get 25% of the total value of the PRSA-AVC (combined these will be less than 200k) or would I only be able to take a total of 1.5 times my final salary plus a tax-free lump sum based on my self-employed income in the final year?

3. If I retire early (cost neutral) I know that the Cornmarket pension has to be taken at that time, however would the PRSA-AVC also have to start then or could I defer that till 65 (or later)?

thanks
edit: I should say that the amount that I am paying in to the PRSA-AVC is in excess of the allowable for my self-employed income. It also includes amounts based on my employment - but the total between that and the Cornmarket AVC is less than the overall revenue allowable figure for my age and earnings (ie less than 30% in this case)
 
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