A Small Self-Administered Scheme is also known as Self-Administered Pension Scheme (SAPS) or Self-Directed Trust. It is useful for both directors and employees. It has greater flexibility and gives you more control over the investments and costs of your pension wealth planning. It is approved by the Revenue Commissioners and is an excellent vehicle for maximising the tax efficiency of your pension planning.

What are the benefits of setting up a small self administered pension scheme?

There are a number of benefits associated with SAPS.

Tax efficient.

Employer contributions (within Revenue limits) are allowable as a deduction against Corporation Tax. They are also not treated as a benefit in kind for the scheme member. This is in contrast to a wage increase in a similar amount, which would attract an income tax liability for the employee.

The employee's contributions to the scheme also attracts income tax relief.

The growth of a SAPS is tax free. Currently a SAPS is exempt from, Income Tax, DIRT, Capital Gains Tax in Ireland.

Control

You can control the choice of assets your SAPS invests in, subject to revenue requirements.

You also have control over the level of risk you are willing to take. This gives you great flexibility when it comes to taking advantage of any investment opportunity which may arise.

The above areas of control mean that you can also know the level of costs associated with the SAPS. These costs are also tax deductible for the company.

You can control the amount of contributions into your scheme.

It is a great way to move assets into a pension vehicle.

It is a great estate planning tool.

What happens if I die before retirement?

The value of your SAPS at the time of your death is used to provide benefits for your next of kin. A lump sum of up to four times your salary can be paid to your estate tax free. If there are funds remaining after this payout, then an annual income for dependants can be purchased with the surplus.

What is the difference between a SAPS and an ordinary pension?

The main difference is that instead of giving your contributions to an insurance company to invest on your behalf, you invest the money yourself, with the help of a pensioneer trustee, who must be Revenue Approved. We can help with all the details of setting up the scheme so that it meets these requirements. We work with a number of such trustees, who would be available for your self administered pension scheme. The revenue have placed some restrictions on how you can invest the pension funds. 

Where can I get independent qualified advice on SAPS in Ireland?

Our qualified experienced experts can help you to decide if a Self-Administered Pension Scheme is suitable for you. We will advise on how to set it up and how best to maximise the growth potential of the scheme. We offer a complete Pension Service to employers in Ireland. Contact us today for a Free, no obligation, consultation. Telephone 1890 666 666 or use the blue call me back button. {KomentoDisable}

 

Mind the pension gap

Providing for my retirement years.

Current research shows that as a nation we are not investing enough in our pensions to adequately provide for our retirement.

With so much demands on our income, it is easy to put our future needs to one side and intend to sort it out later.

Well the time is now.

What steps should I take to help provide a pension for my retirement years?

First you should investigate all available ways of providing a secure income for your retirement years.                                                                                                                              

The main contenders are, personal pensions, executive pensions, PRSAs, AVCs, occupational pension schemes. These products do not suit everyone and you need to choose the one which is best for you.

To get a clear understanding of which option would suit your individual circumstances talk to one of our experienced and qualified advisors.

I have a pension, how can I check if I am saving enough for my retirement?

You can use our pension savings health check worksheet to see if you are on target.

Download our pension savings health check worksheet here>>

Or,

You can use our mind the gap calculator, provided by Aviva, below, remember to click back to this page when you have completed the calculations. {KomentoDisable}

 , For our mind the gap pension calculator Click here>>

What can I do to fix the gap in my pension funding?

If after taking the gap test, you find that there is a shortfall in savings for your future, don't worry, all is not lost.

The big plus is that you are aware of it now, and can take positive steps to fix it, before it is too late.

For more information read more>>

 Photo Andrew Gustar Some rights reserved                         

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

Changing or leaving employment?

When changing employment, don't leave your benefits behind.

 
 You may be involved in one of the following; moving to a better job, starting your own business, changing to part time employment, retiring, or being made redundant.

 If so, remember to take the time to look at the impact this may have on any benefits you have built up in your previous employment.

If you have worked in a number of jobs, you should examine each position in turn.

What benefits should I examine?

 Employer pension contributions, health cover, life cover are the usual suspects.

 Consider how best to protect each benefit and enable it to grow, where possible.

 Should you start a new policy with the new employer, or can you transfer the benefits?

More information on pension transfer,here>>

 We will look at the following benefits:

1. PRSA. more>>

2. Occupational pension scheme. more>>

3. Income Protection. more>>

4. Health Cover. More>>

What steps can I take to make my benefits work hard?

Find out as much information as you can about the various work related benefits which are in place for you.

Examine all your options.

Compare what alternatives are available and then make a decision.

You should get independent advice before deciding.

If you would like to talk to one of our qualified experts please click on the quotation button (above)

and we will contact you at a convenient time.

Or telephone us on 1890 666 666     {KomentoDisable}

What is a Retirement Planning Review?

 In preparing a retirement planning review for you, our qualified experts will help you to take a look at where you are now,

and where you want to be when you retire.

It is not just about the money for your pension.

It helps you to think about the type of lifestyle you wish to lead when you retire.

Retirement involves change.

This process helps you prepare for that change in a positive way.

 What is your current position?

 We will help draw up an accurate summary of your current assets and liabilities.

What plans have you for eliminating those liabilities before you retire?

How can you best arrange your assets so as to maximise the return on your pension?

How can you make best use of tax allowances?

What will be your future position?

What will be a comfortable retirement income?

Any major works planned or due in the future?

Do you intend to travel?

What hobbies will you pursue?

How will you fund your future lifestyle?

How will you achieve your plans for the future?

Having examined where you are and where you want to be,

our experienced, qualified experts will outline for you the steps which

you need to take in order to achieve your goals.

That is one of the best ways to ensure that your future is bright.

Once you have a plan, you can then adjust your finances early,

in order to achieve the result you desire.

Without a plan, you may find yourself approaching retirement and having to set aside large amounts of income in order to build up your retirement fund.

The sooner you start, the less pressure you are under.

Saving a small amount regularly over a large number of years is always easier than saving a large amount over a small number of years.

How do I arrange a retirement planning review?

Just click on the button, fill in the details, hit the submit button and we will contact you at a convenient time to arrange the review.

Remember, the sooner you start, the more money you save, so start today.

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 An AVC is a short name for and Additional Voluntary Contribution, which is a means by which a member of an occupational pension scheme can increase of top up their employer’s occupational pension scheme benefits, within Revenue limits, at their own expense.

Who can take out an AVC?

An individual can pay an AVC if:

• They are an employee

• They are a member of their employer’s occupational pension scheme, and

• Their employer provides a facility for members of the scheme to pay AVC’s

Structure

AVCs will be either

• Defined Contribution: benefits provided by the AVC are those which can be secured by the accumulated vale of AVCs paid by the member.

• Defined Benefit: defined level of retirement benefit is promised for a particular level of AVC.

Different ways to pay AVCs

AVC’s may be structured in one of three ways:

• As an AVC to the employer’s occupational pension scheme itself. Or

• As an AVC to a separate associated AVC occupational pension scheme established by the employer: this will usually be a group AVC scheme

• As an AVC to a stand alone PRSA

Taking AVC benefits

AVC benefits must be taken at the same time as the individual takes benefits from the employer’s main occupational pension scheme. {KomentoDisable}

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 What is an annuity?

An annuity is a guaranteed lump sum for the rest of your life.

Many people use the proceeds of their pension to purchase an annuity.

This then provides their pension income.

If you are a member of a large defined benefit scheme, it is quite possible that an annuity will not be bought

You do not have to take the annuity offered by your existing pension company.

Annuity rates vary between companies so you need to check which one will give you the best deal.

This can be a valuable opportunity to increase the value of your retirement income.

When should I plan for an annuity?

You should plan for your retirement well in advance. Don't wait until you are about to retire. Look at your pension value and work out how much it would provide currently. Will this be enough to provide an income when you retire, taking into account the effects of inflation ? You may need to decide whether or not to set aside more funds for your retirement income. Try our pension gap calculator.

 How do I choose the best annuity?

 There is a wide choice of annuities available on the Irish market.

You should talk to one of our qualified advisers for advice on choosing the right one for you.

 What should I do next?

 It is important to get your pension provisions right.

 It is a good idea to get expert help,so talk to us today.

 Use the call me back button. {KomentoDisable} or telephone 1890 666 666

Or avail of the get a quote button to start the consultation process, and start making use of the tax saving opportunities today.

Employer PRSA Scheme

 Access

Employers who:   {KomentoDisable}

• Do not currently operate an occupational pension scheme for their employees ,OR

• Who operate an occupational pension scheme but there is limited eligibility for membership for retirement benefits, OR

• Who operate an occupational pension scheme but there is a waiting period to join for retirement benefits of more than 6 months, OR

• Who operate an occupational pension scheme but do not provide an AVC facility to all employees

• Must provide employees with access to at least one Standard PRSA where contributions can be made by payroll deduction, i.e. under the net pay system.

Obligations on employer

Employees who fall into any of the categories above are referred to as ‘excluded employees’

The employer is required to:

• Notify excluded employees of their right to contribute to the Standard PRSA by payroll deduction.

• For employees who wish to contribute, deduct employee contributions from wages and remit to the Standard PRSA

• Allow PRSA providers and intermediaries worksite ‘reasonable access’ to excluded employees at the workplace for the purpose of ‘concluding standard PRSA contracts’.

• Allow excluded employees, subject to work requirements, ‘reasonable’ paid leave to enable them to make arrangements for the establishment of a Standard PRSA.

Employers are NOT obliged to contribute to any employee’s PRSA; their obligations relate principally to providing certain employees with access to a Standard PRSA.

Remittance of contribution

Employers who are required to provide employees with access to a Standard PRSA at work, to which contributions may be made by employees by deduction from salary, are subject to two obligations in relation to such conditions:

• Remit the PRSA contributions deducted within 21 days of the end of the month in which the deduction is made from the employee’s wages or salary, to the PRSA provider’s custodian account. The employer can not make any deduction from these contributions before remission to the PRSA provider.

• Notify each employee each month of PRSA contributions deducted from wages, and any employer contributions, made during the previous month. This can be done through the employee’s payslip.

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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