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

What is a Personal Retirement Savings Account (PRSA)?

 A Personal Retirement Savings Account (PRSA) is a personally held defined contribution retirement plan, effected by an individual with a PRSA provider. The PRSA is owned personally by the individual.

Contributions can be made to a PRSA by:

• The individual , or

• The individual’s employer , or

• The individual and the individual’s employer.

 Eligibility

A PRSA pension is suitable for employees who are in non pensionable employment i.e. not currently included by their employer in an occupational pension scheme for retirement benefits. With a PRSA you cannot be charged more than 5% on the contributions you pay and 1% a year on the managed funds. It also has the benefit of tax relief on personal contributions against relevant earnings. Additional Voluntary Contributions (AVC’s) can also be paid by an employee to a PRSA. 

Is my PRSA affected if I change jobs?

As stated earlier A PersonalRetirementSavingsAccount (PRSA) is a personally held defined contribution retirement plan. This means it goes with you if you change jobs. It is your plan.

This is of great benefit, in that you don't have to go to the trouble and expense of setting up another plan. Your existing plan can continue to grow and provide funds for your retirement, when it falls due. You will gain tax relief on your relevant taxable earnings in respect of your contributions to your PRSA.

What if my new employer contributes to a PRSA scheme ?

If that is the case, then you can transfer the value of your PRSA into your new employer's PRSA.

If you change jobs again, you can bring this new PRSA with you.

My new employer has an occupational pension scheme, should I transfer my PRSA into it?

You don't have to, and there are a number of factors to consider.

The trustees of the occupational scheme must agree to the transfer.

The charges for the scheme are usually lower than those for a PRSA.

There may be a risk of insolvency of the scheme if it is a defined benefits one. A defined benefits scheme offers set benefits, irrespective of the amount of funds available. This can cause the funds to run out, if not carefully managed. You might be safer to leave your funds in your PRSA.

You can use both the PRSA and the occupational pension scheme.

That way both funds are available for your retirement.

You are strongly advised to seek independent advice before taking action on this.

If I am unable to make further contributions, can I just leave the PRSA in place?

Yes. The amount available to you when you retire will depend on a number of factors, including, the performance of the fund, the annuity rates available at your retirement date, and the age at which you retire.

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}

Download a Free copy of The Pensions Board; A Consumer and Employers' Guide to PRSAs here>>

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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