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

Occupational Pension Plan.

This is a plan set by an employer to provide pension and other benefits for an employee.

The employer must make a contribution to this type of plan.

It is an excellent way for employers to reward loyal and hard working staff.

It is a tax efficient way to transfer funds to the employee, ultimately by way of pension.

It can be tailored to provide cost effective life assurance and disability benefits to the employee.

What's the difference between defined benefits and defined contribution schemes ?

A defined benefits scheme has a method for calculating the pension to which you will be entitled on retirement.

It usually refers to your earnings and length of service.

By applying the formula set out under the scheme you can calculate the benefits which will accrue to you under the scheme.

Many schemes have not provided sufficient funds for anticipated pension requirements and will have to make serious adjustments or risk the fund becoming insolvent.

With such fluctuations in the economy, they are not a popular product.

A defined contribution scheme focuses on the contributions to be made to the scheme.

These are easier to predict and control.

They are a more popular scheme.

Employer and employee agree at the start, on the amount of contribution each should make.

The ultimate pension payable is dependent on the value of the fund at retirement.

What happens to my occupational pension if I change jobs?

You can do one of the following:

• Leave the money in the pension plan and have it treated as paid up.

• Get a refund of your own contribution to the plan. You loose out on your employer's contribution and they are taxable. This is available if you have less than two years pensionable service.

• Transfer the value of the pension into another pension scheme. This could be your new employers occupational pension scheme, a PRSA or a retirement bond

These options are affected by length of pensionable service.

What should I do now?

We recommend that you obtain independent advice prior to taking any action that would affect your pension.

We can prepare for you a customised plan suited to your individual circumstances.

In pension planning no two circumstances are identical.

That is why you should contact us today.

Use the quotation button

Or telephone us on 1890 666 666. {KomentoDisable}

Occupational pension schemes

The law does not force employers in Ireland to provide occupational pension schemes for their employees. Many employers are choosing to do so.

All about that occupational pension scheme

An occupational pension scheme is organised by the employer to provide pensions to one or more employees on retirement.

On the death of the employee

the benefit of the pension passes to surviving dependants.

The pension scheme may be any of the following:

• Funded or unfunded

• contributory or non-contributory

• defined benefit or defined contribution

What is a Self-Administered Pension Scheme?

A self administered pension scheme puts you in control. These schemes have become the investment vehicle of choice among employers. They can only be set up by an employer. They can be established for salaried directors and/ or salaried employees. For more click here>>

The difference between an occupational pension and a personal pension

As we say earlier, an occupational pension scheme is organised by the employer, and is regulated by the Pensions authority.

A personal pension scheme ( or a Retirement Annuity Contract – RAC) is arranged by the employee or self employed person in order to provide a pension on retirement or on death, payment to surviving dependants. They are governed by tax regulation and financial services legislation. The Pensions Authority does not have any regulatory input.

You can avail of both methods of providing for your retirement, however tax relief will only be available for one scheme.

Personal Retirement Savings Accounts more>> are being used by many employers who do not wish to organise an occupational pension scheme.

An employer must offer access to at least one standard PRSA to each employee who does not have access to an occupational scheme, within six months of commencing employment. A PRSA must similarly be offered for AVC purposes if the scheme does not have the ability to offer AVCs, more>>.

What happens when I change employment?

If you change employer or become self employed or otherwise leave the occupational pension scheme you may be able to avail of one of two options.

If you have 2 years service or more, you are entitled to have your benefits preserved. That way, when you reach the retirement age of the scheme, you can avail of the benefits which had been preserved.

Your other option is to have the benefits transferred to another pension scheme. This can often prove to be the better choice, as you will tend to monitor the new scheme more closely.

Where can I get independent advice on transferring my pension benefits?

You can avail of a free time limited consultation with one of our qualified experts. They will help you decide on a copurse of action that will maximise the return on your pension funds.

Just use the quote button above and we will contact you at a time that suits.

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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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