787Z. PEPP – Extent of relief

(1) Subject to this section, the amount which may be deducted or set off in any year in respect of contributions made by an individual to one or more PEPP products (in this section referred to as the “maximum allowable contribution”) shall not be more than—

(a) in the case of an individual who at any time during the year of assessment was of the age 30 years or over but had not attained the age of 40 years, 20 per cent,

(b) in the case of an individual who at any time during the year of assessment was of the age 40 years or over but had not attained the age of 50 years, 25 per cent,

(c) in the case of an individual who at any time during the year of assessment was of the age of 50 years or over but had not attained the age of 55 years or who for the year of assessment was a specified individual, 30 per cent,

(d) in the case of an individual who at any time during the year of assessment was of the age of 55 years or over but had not attained the age of 60 years, 35 per cent,

(e) in the case of an individual who at any time during the year of assessment was of the age of 60 years or over, 40 per cent, and

(f) in any other case, 15 per cent,

of the individual’s net relevant earnings for that year of assessment.

(2) Notwithstanding subsection (1), where the maximum allowable contribution would but for this subsection be less than €1,525, subsection (1) shall apply as if the said maximum allowable contribution were €1,525.

(3) Where an individual is entitled to relief for a year of assessment under Chapter 2 in respect of a qualifying premium and in respect of any PRSA contribution (within the meaning of Chapter 2A), the maximum allowable contribution for that year of assessment, shall be reduced by the amount of such relief.