Business Life & Pensions

Any business is only as good as the people working in it.

Have you ever considered what would happen to your business if the key people died?

It would take time to replace them.

How would you survive financially, during the changeover period?

That's where business life insurance policies can help.

There are various policies available to provide funds at a crucial point in the development of your business.

For more information, read our articles on;

Business Life Insurance

Co-Director insurance,

Key person insurance,

Business income protection,

Partnership insurance,

Business Pensions

Pension Schemes,

Self-Administeres Pension Scheme,,

Executive Pensions,

PRSA Scheme,

Occupational Pension Plan,

Business Retirement Planning Review.

Speak to one of our qualified experts today on 1890 666 666  {KomentoDisable}

We all need to plan for the future.

The state pension is not enough to provide a comfortable lifestyle.

You will need to take steps to augment this.

You need to start now.

It is a mathematical certainty that the sooner you start your pension, the more it grows.

All that and tax relief.

Here is a list of the personal pension products available in Ireland. {KomentoDisable}

If you would like more information please contact us on 1890 666 666

or use the call me back button

  Annuity

  Personal Pension Plan

  Pension Life Cover

  Self - Administered Pension Scheme

  Pension Transfer

  Pension Comparison Service

 Retirement Planning Review

 Retirement Income Goal

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 Mind the pension gap

Pension arrangements generally allow you to transfer your pension benefits from one arrangement to another. The transfer rules depend on the arrangement you are transferring from and the arrangement you are transferring to.

Transfers Options

• Benefits from a PRSA can be transferred to another PRSA, to an occupational pension scheme or to an overseas arrangement.

• Benefits from a retirement annuity contract can be transferred to another RAC or to a PRSA.

• Benefits from an occupational scheme can be transferred to another occupational scheme, a PRSA, a buy-out bond (or personal retirement bond) with an insurance company, or an overseas pension arrangement.

The rules and restrictions that apply depend on the circumstances.

Q1. Can I transfer pension benefits from other sources into a PRSA?

The answer is yes and transfer values can be paid into a PRSA from 5 different sources:

1. From another PRSA

2. From a Personal Pension Plan

3. From an Occupational Pension Scheme in the State

4. A refund of personal contributions from an Occupational Pension Scheme in the State

5. From an Overseas pension arrangement

Q2. Can I transfer my PRSA benefits to another pension if I change jobs?

As a PRSA is essentially your personal pension plan, you can normally bring it from job to job and from employment to self-employment or vice versa which leaves this type of pension plan very flexible. You can also transfer your PRSA benefits to an occupational pension scheme or another PRSA without charge.

Q3. Can I transfer occupational pension scheme benefits to a PRSA?

You can only transfer your occupational pension scheme benefits to a PRSA if you have been a member of the scheme for 15 years or less and the scheme is being wound up or you are changing job. You cannot transfer your occupational pension scheme benefits to a PRSA if you have been a member of the scheme for more than 15 years.

Note: If you have paid AVCs to an occupational pension scheme, those may be transferred to a PRSA and the above rules do not apply.

Preservation and Transfer of Benefits

There are specific rules about what happens if you leave the pension scheme for whatever reason, for example, if you change jobs or you become self-employed or retire early without a pension. Your benefits from the pension scheme may be preserved within the scheme or transferred to another scheme. If you have at least 2 years service, you are entitled to a preserved benefit if you leave before the normal retirement age. A preserved benefit means that you get a pension when you reach the scheme's normal retirement age. (Prior to 2 June 2002, 5 years service was needed to qualify for preservation).

Alternatively, you can ask the trustees to transfer your pension rights to a new pension scheme.

Can I transfer to an AMRF/ARF or take a taxable lump sum?

An ARF is a tax-free investment held in your own name and administered by an approved provider. A wide range of investment options exists. Any monies drawn from the fund, either capital drawdown or income, are fully taxable. The funds in the ARF belong to the individual and form part of the person’s estate.

These options are available if you:

• have AVCs in an occupational pension scheme and the rules of the plan permit these options; or

• are a member of a defined contribution scheme; or

• are a company director who controls more than 5% of the voting rights in your company.

In order to introduce an element of security in retirement, minimum retirement income requirements exist for those who choose to transfer to an ARF. If you are under 75, you are required to demonstrate a guaranteed income of one-and-a-half times the State pension (currently €18,000) per annum. This amount can include State pensions. If you are unable to meet this minimum, you must either transfer an amount equal to ten times the State pension (currently €119,800) to an Approved Minimum Retirement Fund (AMRF), or purchase an annuity which will bring up your level of guaranteed income to the minimum amount.

You should consider taking advice when considering your retirement options, especially where you are considering investing in an ARF/ AMRF. In practice with an ARF/AMRF you may be giving up a guaranteed income for your life and replacing it with an investment policy which, if you draw a regular income from it, could run out of money before your death. {KomentoDisable} 

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Executive pension plans are taken out by employers to provide for the retirement of executive and key employees. They are set up under trust. The Employer normally acts as Trustee.

Tax Benefits

Executive Pension plans provide excellent tax benefits to both the employer and employees.

For Employers- Tax relief for the company

An employer must make a ‘’meaningful contribution’’ to the arrangement. Contributions made by the company into an Executive Pension plan can usually be offset against Corporation tax as an allowable business expense (subject to Revenue limits). The company can choose to make regular contributions or lump sum payments to tie in with your company’s profitability.

For Employees- Tax relief for you

You can also benefit from tax relief on any personal contributions you make. Tax relief is normally available at your marginal rate of tax. This reduces the net cost of your pension contributions.

Retirement Benefits

On retirement you may have the following options:

• Retirement lump sum

• Annuity

• Approved Retirement Fund (ARF)/ Approved Minimum Retirement Fund (AMRF)

• Taxable cash 

We have a great range of Providers to choose from who have a huge investment choice when setting up an Executive pension.  {KomentoDisable}

Start your quote today using the quote button above.

Pensions are for life. Jump in. Sort it out and enjoy life.     

Personal Pension Plan

 A Personal pension operates by building up a single contribution or regular contributions to accumulate a capital lump sum by retirement which is then used to provide retirement benefits.

 Who can contribute?

Contribution can only be made by an individual if

• Has a source of taxable ‘relevant earnings’ in the current tax year, OR

• Had a source of taxable ‘relevant earnings in a prior tax year AND paid a contribution to a PPP or section 785 term assurance policy.

Relevant earnings are earnings from a non-pensionable employment or taxable income from a self employed trade or profession.

In general only the individual who takes out the PPP can contribute to it.

Retirement benefits

An individual can draw on a PPP:

•  At any time after age 60, but before age 75 (doesn’t have to retire)

• At any time in event of serious ill health where individual is deemed to be permanently unable to work again.At any time after age 50, where the individual’s occupation is one where people would normally retire before age 60 i.e. athlete.

• If the individual dies before taking any benefits the value of the pension is paid to their estate.

How can benefits be taken ?

On retirement benefits can be taken as follows:

• 25% Tax free

 Balance to buy

• Annuity

• ARF
• taxable cash

 (Subject to a minimum requirement €63,500 AMRF/ Annuity) {KomentoDisable}

What should I do next?

You should get independent advice from one of our qualified experts.

You can use the get a quote button 

or contact us by telephone 1890 666 666

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