It’s that time of the year again.
If you pay and file your tax return through the Revenue On-line Service (ROS) you have until 14th November 2024 to contribute to a pension and backdate the tax relief against 2023 tax year. If you do not file using ROS, the key date is 31st October 2024.
If you are self-employed or a PAYE employee who is not a member of a company pension scheme and wish to backdate a pension contribution against 2023 earnings you must pay the contribution to the relevant life company and submit your tax return before the above dates.
We will provide confirmation of your payment to assist you in completing your return.
The maximum pension contributions allowed, whilst capping earnings at €115,000 are as follows:-
| Age | % of Salary |
| Under 30 | 15% |
| 30 to 39 | 20% |
| 40 to 49 | 25% |
| 50 to 54 | 30% |
| 55 to 59 | 35% |
| 60 and over | 40% |
As this is “pension season” there is no better time to review your overall pension situation.
The pensions landscape is evolving and there are some purported changes on the horizon that may be of interest to you, for example, increases in the Standard Fund Threshold, changes to the Employer PRSA rules and enhanced options for international pension transfers to Ireland.
Talk to your Finance One Financial Advisor now.