Maximising pension contributions can be a very effective way to help your clients save for the retirement they deserve. With this in mind we've put together targeted sales aids to help you discuss the options available.
These sales aids are fully customisable with your logo on the front and space for your contact details and reg line at the back. If you're writing to your clients this pension season, be sure to include these flyers to help demystify the deadline for them!
Tax saving opportunities for Employees
Employees may be entitled to a refund of some of the Income Tax they paid in 2021. This can be achieved by personally making a lump sum Personal Pension plan, PRSA or PRSA AVC contribution, depending on your employment circumstances, by 31 October 2022 and electing to backdate the tax relief to 2021, subject to the age-related limits below.
Tax saving opportunities for Proprietary Directors
Proprietary Directors (i.e. a director who owns or controls more than 15% of the shares in their company) are obliged to file self-assessment tax returns by 31 October in respect of last year, even if all of their income is taxed under the PAYE system.
For Public Servants a review must take place to determine the scope for the AVC which can be made in terms of obtaining Tax Relief. When determining the scope for that Additional Voluntary Contribution, a number of factors come under consideration.