Are you maximising your tax relief?
14 February 2024
Are you maximising your tax relief?
- Tax relief is available on personal contributions made to pension plans
- For 2024 the amount of net relevant earnings/remuneration on which tax relief can be claimed is €115,000
- The maximum contribution rate – including both AVCs and ordinary employee contributions – on which you can receive income tax relief is determined by your age as follows:
| Age | Maximum Contribution
(% of Taxable Earnings) |
Maximum Contribution in 2023
(Using earnings cap of €115,000) |
| < 30 years | 15% | €17,250 |
| 30 > 39 years | 20% | €23,000 |
| 40 > 49 Years | 25% | €28,750 |
| 50 > 54 years | 30% | €34,500 |
| 55 >59 Years | 35% | €40,250 |
| 60 years or over | 40% | €46,000 |
Please note that these limits apply only to employee pension contributions and company pension contributions can be paid in addition.
Have you taken advantage of full tax relief for 2023?
If you haven’t yet used the full income tax relief available for the 2023 tax year, you can do so by making a lump sum Additional Voluntary Contribution by the end of October 2024 (or mid November 2024 if you make an online tax return) and claiming income tax relief from the Revenue Commissioners.
Please note that this year Revenue have updated their requirements for making your Tax submissions online and members are required to upload a copy of their pension certificate in order to move through the online application process. Please take this into account when sending AVCs near the online assessment deadline date (mid November 2024) and allow time for pension certificate to be issued by your pension provider.
The maximum earnings/remuneration that can be used for 2024 is €115,000.
Should you have any questions or wish to learn more about Unio Employee Benefits, do contact us at enquiries@unio.ie