Yes. The Revenue will allow full tax relief on Pension contributions up to the limits set out below. This limit rises over the years so that by age 60 a member can claim relief on up to 40% of salary. This overall contribution is subject to limits set by the Revenue and is calculated as a percentage of annual salary. The percentage allowed for tax relief takes into account contributions to the Superannuation, Spouses’ and Children’s, Notional Service Purchase, and the AVC Schemes, etc.
The Pension Related Deduction is not taken into account when calculating the percentage allowed by Revenue.
Maximum salary of €115,000 allowed for tax relief purposes
Should your circumstances have changed since you first joined the AVC Scheme, this may affect your options at retirement (e.g. what proportion of your AVC Plan you can take as a tax-free lump sum, what proportion you can invest in an ARF etc.). If any of the following apply to you, we would strongly recommend you arrange a Retirement Planning Consultation rather than increasing your AVC contributions on a 'No Advice' basis:
There is no fee for the Retirement Planning Consultation.
The tax information contained herein is based on Cornmarket's understanding of current Revenue practice as at November 2018 and may change in the future.