Would I be eligible for the PRSA tax credit?

[activatedalmond]

Hi,

After hours of trying to understand whether I would be eligible for the PRSA tax relief or not without too much success, I’m posting here with the hope that someone might be able to provide some help.

A little bit about me: 26 y/o graduate engineer from Italy, I moved to Dublin 6 months ago. Currently on a €33k/year salary which has been recently bumped up to €36k/year, and contributing 6% to a defined contribution pension scheme where my employer double matches my contribution.

Would anyone be able to kindly shed some light? Thank you!

 

[drjjhj]

@activatedalmond It’s probably already factored into your payslip. If your company pays it directly you already get the tax benefit

 

[ontopoftheworld]

@activatedalmond Is the pension contribution on your payslip? If so, the payment is already being made pre tax so you wouldn’t be entitled to a credit.

 

[lynj]

@activatedalmond Are you actually contributing to a PRSA or are you just contributing to your employers pension scheme through your payroll?

https://www.ccpc.ie/consumers/money/pensions/personal-pensions/

It sounds like you are just contributing to an occupational pension through your payroll. If so, you are already receiving tax relief through a net pay arrangement. Have you consulted your employer about how your pension scheme works and any tax relief due?

 

[activatedalmond]

@lynj Hi, thank you for your reply, and also the website you’ve linked, it seems really useful!
I’m currently contributing to my employer’s pension scheme before tax.
I reached the conclusion that I’m indeed receiving tax relief already on the contributions I’m making to the pension fund, and therefore will most likely not be eligible to additional tax credits on Revenue. Will confirm this with payroll.