What to do with 5M in cash?

[Rufenian]

Maybe you should have a re-read of my post as I made no reference to having a job or starting a business for the purpose of adding to a pension!!

I guess it shows how little I know about pensions but isn't PRSA a type of pension and If I don't have a PAYE income from employment or business then I won't be able to have contributions? (I might be totally wrong)

 

[SPC100]

using pension for tax benefits, even when the contributions are not tax relieved, based on tax free compounding and/or inheritance tax planning.

Yes, you can make contributions without a job/income. You need income (or future income) to get tax relief.

 

[MugsGame]

Presumably pension income does not qualify for tax relief? i.e. make a lump sum AVC now and carry the tax relief forward until you're drawing down taxable income from the pension?!