Recently started a job, probably making 40-50k gross per year (depending on hours worked) but obviously less this year because I missed almost 4 months of working. 24 years old working in construction for a smallish company and I'm going to assume they don't have pension plans because of the nature of the employees (not financially savvy) and its run by a guy and his wife runs the office.
I'm gonna set up a pension no matter what because I should be in the 40% tax bracket so I'll get more value out of it than if I was only in 20% bracket. I want to know if I can go by myself at the end of the year and look at my gross salary for the year and take 15% (the max allowed for under 30y/o) of it from my savings and put it into an approved pension scheme and then get the income tax refunded to me? I'll use next year as an example.. if I earn 50k and at then end of 2023 take 7.5k from my savings and put it in a pension scheme will I be able to get the 3k back from revenue in the tax I already paid?
I also would like to have a hands on approach to controlling my pension and where it is invested because I have a decent amount of experience already in the stock market, I like to do research on individual companies, I'm young so can afford to take more risk than an index fund like the S&P 500 and also because I don't wish to invest in dinosaurs like AT&T and oil companies etc. From what I see most providers offer a self directed pension but they don't exactly make it clear if I'm able to buy individual stocks and they charge quite a large fee for individual trades (€30+) while there are apps out there that do it for free albeit not within a pension. I want to know if any of you guys can recommend a pension provider that would meet these needs.
I would also like to know if i do it through my employer could they make contributions to my pension that wouldn't cost them anything? (act as a tax credit in their favour when paying corporation tax for example.) Because if they could do this I could pique my coworkers interest in this and help them out too.
Thanks in advance
TL;DR if I pay lump sum into pension at end of year will revenue refund IT already paid? Any pension provider that let's me trade hands on in individual stocks with low fees? Can an employer get tax breaks for their contributions to my pension that means it costs them nothing to do so?
I'm gonna set up a pension no matter what because I should be in the 40% tax bracket so I'll get more value out of it than if I was only in 20% bracket. I want to know if I can go by myself at the end of the year and look at my gross salary for the year and take 15% (the max allowed for under 30y/o) of it from my savings and put it into an approved pension scheme and then get the income tax refunded to me? I'll use next year as an example.. if I earn 50k and at then end of 2023 take 7.5k from my savings and put it in a pension scheme will I be able to get the 3k back from revenue in the tax I already paid?
I also would like to have a hands on approach to controlling my pension and where it is invested because I have a decent amount of experience already in the stock market, I like to do research on individual companies, I'm young so can afford to take more risk than an index fund like the S&P 500 and also because I don't wish to invest in dinosaurs like AT&T and oil companies etc. From what I see most providers offer a self directed pension but they don't exactly make it clear if I'm able to buy individual stocks and they charge quite a large fee for individual trades (€30+) while there are apps out there that do it for free albeit not within a pension. I want to know if any of you guys can recommend a pension provider that would meet these needs.
I would also like to know if i do it through my employer could they make contributions to my pension that wouldn't cost them anything? (act as a tax credit in their favour when paying corporation tax for example.) Because if they could do this I could pique my coworkers interest in this and help them out too.
Thanks in advance
TL;DR if I pay lump sum into pension at end of year will revenue refund IT already paid? Any pension provider that let's me trade hands on in individual stocks with low fees? Can an employer get tax breaks for their contributions to my pension that means it costs them nothing to do so?