The amount of tax you can save by contributing to a pension depends on your age and the maximum allowable contribution. Here’s a breakdown of the potential tax relief:
|
Age |
Maximum Contribution |
Tax Relief at 40% |
Tax Relief at 20% |
|
Up to 30 |
€17,250 |
€6,900 |
€3,450 |
|
30 – 39 |
€23,000 |
€9,200 |
€4,600 |
|
40 – 49 |
€28,750 |
€11,500 |
€5,750 |
|
50 – 54 |
€34,500 |
€13,800 |
€6,900 |
|
55 – 59 |
€40,250 |
€16,100 |
€8,050 |
|
60 and over |
€46,000 |
€18,400 |
€9,200 |
The tax relief depends on your contribution and tax rate. For example, if you’re under 30 and contribute the maximum amount of €17,250, you could save up to €6,900 in tax at the 40% tax rate.
