Scope for PRSA lump sum ?

D

Decision Tree

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My employer has a PRSA scheme, I contribute 23% of salary and they add 7%, bringing me to the 30% tax relief allowable for my age. I see from payslips this is all calculated against my basic salary.

My 2018 P60 Section D 'Pay for USC' is a fair bit higher than salary. Looking back at payslips I can see this P60 figure includes VHI BIK, Shares BIK, cash bonus, and With Hold Tax ( something to do with vesting RSUs ).

If I work from the P60 section D figure, my 2018 pension contributions including employer contributions are only around 20% of total income. Can I make a lump sum payment for the remaining 10% and qualify for tax relief ?
 
Generally speaking, YES.
Any income that is taxable as PAYE is potentially “pensionable” , but subject to the earnings cap of €115,000.
 
Thanks Conan. I've worked out that the withhold tax on my payslip is 52% of my RSUs, seems like they are subjected to income tax through payroll, so I reckon I'm good take the full section D figure as pensionable.
 
“bringing me to the 30% tax relief allowable for my age.”

Just bear in mind, you seem to be including the Employer contribution in the above.

The age % maximum pension contribution available to you is for pension contributions made by you, (subject to 115k cap)the employers contribution, is irrelevant.

Generally speaking, your USC’able pay , ie pay, which is subject to USC, is a more accurate guide to working out your maximum pension contributions, and as you say, this is in Section D of your P.60, “Pay For USC Purposes” includes all BIK’s, and all RSU’s, and any other pay elements, (one off items such as annual bonus or referral bonus)that you earned in your employment.
 
It's a PRSA scheme, I was given to understand the total allowable includes the employer contribution, when it's a PRSA. I know from Occupational Schemes in the past the Employers contribution was not included when calculating the relief.

Open to correction, I'm just figuring this out as I go :)
 
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