Are you maximising your income tax relief?
15th August 2023
Did you know that tax relief is available on personal contributions made to your pension?
For 2023, the maximum 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.
The table below explains the maximum contributions available for each age category.
Please note that these limits apply only to employee pension contributions. Company pension contributions can be paid in addition.
| 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 |
Have you taken advantage of full tax relief for 2022?
If you haven’t yet used the full income tax relief available for the 2022 tax year, you can do so by making a lump sum Additional Voluntary Contribution (AVC) by the end of October 2023 (or a date in November 2023 if you make an online tax return) and claiming income tax relief from the Revenue Commissioners.
We are here to help. If you have any questions on any aspect of your pension or specifically AVC contributions, speak to your Client Manager or contact us at enquiries@unio.ie.