ax Deadline of 31st October (or 19th November for online ROS users)

As your financial and pensions advisor we aim to help you as much as possible with your Pension, Protection, and other saving needs. We all agree that pensions are a necessity, but it certainly helps that private pensions also offer a very attractive range of taxation incentives: 

The 31st October tax deadline is fast approaching – there is only a short time left to act and consider topping up your pension.  

When you make your pension contribution before the deadline you can claim tax relief against your income tax for 2024. So, you pay less tax now AND you have added to your retirement savings. 

Income Tax Savings

Invest in your Pension €2,000
Tax refund (up to 40%) €800
Net cost of your contribution €1,200

Tax-Free Lump Sum and Tax-Free Growth

Tax-free growth: on 100% of your fund until you mature your plan
Significant Tax-free lump sum: at retirement (plus further material tax savings)

Click on the scenario that best relates to your current employment: 

If you are Self Employed: Click Here

If you are an Employee: Click here

If you are a Proprietary Director: Click here

If you are a Public Servant: Click here

Even if you are making regular contributions to your pension savings, you may not be maximising the tax relief available to you. The age-related personal contribution limits below mean you can save up to a certain percentage, based on your current age, and get maximum tax relief on the pension contribution:  

Age attained during tax year 2024: Total personal contributions (as a % of salary/net relevant earnings)

Under 30 —15%
30-39 — 20%
40-49 — 25%
50-54 — 30%
55-59 — 35%
60 Plus — 40%

*Earnings mean gross salary plus other taxable earnings you may be receiving from your employment e.g., overtime or bonuses, with an upper limit of €115,000 on the amount you can use to calculate your maximum contribution. Note that your employer contributions are excluded from this calculation.  If self-employed, earnings relate to your Net Relevant Earnings (also with an upper limit of €115,000). Note that you also need to factor in any personal contributions that you may already have paid during 2024 when determining by how much you wish to top up your pension.

If you have any queries or would like to update us on any changes to your own circumstances since we last spoke, you can email us at info@mount-street.com  or call us on 01 6674730. Please get in touch if you wish to make a pension contribution and we will organise/ walk you through your various options.