r/irishpersonalfinance Sep 21 '21

What age are you, and how much is in your pension(s)? Retirement

With pensions in the news, I thought this would be an interesting discussion.

I am 30, and have 1 pension that currently contains €62,399.

I currently contribute 15% and my employer contributes 6%. Come January, I will up my contribution to 20%. I would have 2 pensions, but I merged them as my current one has much lower fees. My pension is 100% in Indexed Global Equity.


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u/thereisnodoglevel Sep 21 '21

32 and around €130k.

Max out my pension contributions and recently did an AVC to cater for bonus payments.

Most people don't realise that any payments on top of your gross salary (i.e. bonus payments, BIK, etc..) are part of your taxable income and count towards your annual threshold. Your company will not normally deduct your pension % from these payments. So for those looking to completely max out, check out the taxable income on your December payslip and see if your max contributions (e.g. 20%) was taken. Get in touch with your company pension provider and they will also let you know what more you can contribute.


u/Ok_Piccolo_2752 Feb 02 '22

Do you have to submit a form to revenue for this?


u/thereisnodoglevel Feb 02 '22

If your employer provides a pension and have a pension advisor point of contact, they can let you know what the maximum amount of relief you can claim is and calculate the difference between what you contributed already vs your max allowable.

You can also do it alone, calculate it yourself and then include it in your tax return at the end of a year...but you need to make sure you do your calculations correctly.