Too late to join a pension scheme

W

wisejoshua

Guest
I am a 45 year old mother of three and work part time as a teacher for 12 hours per week(all the rest of the hours are unpaid in the home!)I haven't made any provisions for a pension/ life assurance and this is niggling at me.I have always kept up my Social welfare credit record active.However, I do not have any access to the work pension.
My husband owns his own business and has sorted out his pension and life assurance. I would welcome any advice as I really o not know where to go or what to do.
Thank you
wisejoshua
 
Are you sure ?

You didn't say if you were a teacher working for the dept of education or not. I assume you are. It is very rare to be excluded from a pension scheme on the basis of age if a scheme is available (more likely you could be excluded as a part timer - but unlikely from the dept of education scheme). Irrespective of what you think you must contact your employer to obtain a copy of their pension scheme booklet and read the eligibilty conditions for membership.

Secondly lets assume that your employer does not operate a pension scheme at all (or one that excludes part time workers). Under current legislation you are deemed an 'excluded employee' and all employers must have set up a PRSA for their excluded employees by 15th September last. This will enable you to make pension contributions to the PRSA in respect of your non pensioned income and obtain tax relief at your marginal rate. Your employer under law is required to facilitate deductions of your contributions through payroll and remit them (without charge) to the PRSA provider for investment on your behalf. Based on your age you could obtain full tax relief on a pension contribution of up to 25% of your annual earnings.
 
Re: Are you sure ?

Thank you very much for the information homerjay,you have pointed me in a direction
wisejoshua
 
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