Pension contributions rules on backdating
You qualify for State pension (contributory) if you: You can continue to work fulltime after age 66 and collect your State pension (contributory).
If you are getting Invalidity Pension, you automatically transfer to State pension (contributory) when you are aged 66.
For a typical PSC director this isn't a problem, since it's a case of eat what you kill.
For someone who is presumably not main fee earner, maybe not a fee earner at all then it's a different matter. I can only find definitions and legal information on the terms "private companies limited by shares" and "closed company" which lots of small businesses run.
IMHO, you should be seeking advice from a tax specialist accountant for the non-investment aspects of your decision.
From January 2014, pension age in Ireland became 66.
For the current year I could start a pension scheme for myself and pay contributions in the 70/30 proportions (but I couldnt do that for previous years). Thanks - iguy Pension contributions are for employees and not shareholders, do not get them mixed up.
Where there are two employees and both are fee earners then if the remuneration was not broadly in proportion to the value of those employees there could be a risk that the large pension element is challenged as avoidance.There is no HMRC requirement for contributions to pro rata shareholdings, nor (as far as I am aware) are HMRC "cracking down" on anything.Where the problem arises is that to be deductible pension contributions need to be "reasonable".However, they also said that if my accountant was ok with it then they would be also.I however cannot backdate any contributions as I do not have an existing pension.
To qualify for State pension (contributory) you must have Note: You need a yearly average of 10 full rate contributions to get the minimum payment rate of State pension (contributory).
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