How does it work?
Did you know, you might be able to claim relief on your 2022 income tax by making a once-off payment into your pension?
The closing date for claiming tax relief is 31 October. This once-off payment is also known as an AVC or Additional Voluntary Contribution.
|Let’s look at an example, say you are in the marginal tax bracket (paying 40% income tax) and want to top up your pension with an AVC of €1,000:
topped up with
|Note that the granting of tax relief is at the discretion of your local Inspector of Taxes and is not guaranteed.
What does that mean for you?
In the example above, your pension savings get the full €1,000 top up, which is invested in your pension pot until you retire.
This year, 2023, you get to claim back at your marginal tax rate of 40%.
That’s €400 back in your pocket. Which means it only actually cost you €600 to top up your pension by €1,000.
File deadline for ROS customers
If you pay and file through ROS the deadline is Wednesday, 15 November 2023. Further information can be found at Revenue.
What are the next steps?
Important things to consider before you make a payment to qualify for tax relief:
Top Up Form
Complete the top up form and send the payment to us, by cheque or bank transfer.