Irish Pensions and Finance

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Pension Lump Sums

Make a lump sum pension contribution before the October 31st deadline and make the most of your tax relief entitlements.
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Lump  sum contributions can be made into a new / existing AVC or another private pension plan. This can be a once off ‘last minute’ contribution just before your retirement in order to take advantage of any tax relief available, or can be made at any stage up to retirement to supplement your regular contributions.

The steps for assessing how much you can contribute as a lump sum are:

1)  Check the chart below to see the Revenue maximum for your age group
2)  Apply this % to your gross pay
3)  Deduct your main scheme contribution and any AVCs you have made for 2022
4)  The balance is what you are allowed to contribute and on which you will receive a tax rebate at your marginal rate.*

*Subject to Revenue rules

How does it work?

 

If you are a New Ireland Group AVC scheme member:

1) To submit your lump sum, make out your cheque payable to New Ireland Assurance and send, along with your Member number, to FREEPOST, Irish Pensions & Finance, Suites 3 & 4 Gowna Plaza, Bracetown Business Park, Clonee, Co. Meath.

2) New Ireland can also accept lump sum contributions by bank transfer. Please contact our office on 01 8298500 for instructions on how to submit your transfer.

3) We will issue you with a receipt for your contribution. This receipt can then be used to claim your tax relief through Revenue. This can either be done through your local Tax Office or through Revenues online system be following these steps -> Claiming Tax Relief Online

 

If you are a PRSA policyholder:

Follow the steps as above, ensuring to make your cheque out to the relevant Life Company with which your PRSA is invested. This information can be found on your policy documents, however if you are unsure, you can give us a call on 01 8298500 and we can confirm for you.

 

For any claims made to Revenue before the 31st October for the previous years income, Revenue will send you a cheque for the tax relief due. 
 
As with all financial decisions, it is important to consider your objectives and to take into account your current situation. We would always suggest speaking to a Financial Advisor before putting any plans in place.

Book your Appointment

To arrange your appointment with a Financial Advisor regarding making a lump sum contribution to your pension or to discuss your options further, enter your details below and we will be in touch:

 
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