Additional Voluntary Contributions (AVCs)

Additional voluntary contributions (AVCs) are a tax efficient way for members of a group pension scheme to save for their retirement. They are extra contributions made by the group scheme member in order to provide better benefits when they retire. They are an excellent way to make full use of tax relief. They are very useful when it comes to topping up your pension if you find that there is a pension gap.

How flexible are AVCs?

AVCs are very user friendly. You can decide to contribute more, or less, or cease altogether as your circumstances alter.

Until 27th March 2016 you can withdraw up to 30% of the value of Additional Voluntary Contributions (AVCs) made to your occupational pension scheme and PRSAs. You should talk to one of our experts before doing so, in order to maximise the benefit to you.

Where can I find out more?

Please contact one of our experienced and qualified advisers to find out how AVCs can help you prepare for the future {KomentoDisable}

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

 On your bike, insure it today

If you own or are thinking of buying a bicycle, then you are fully aware of the value of a bicycle nowadays.

It is an invaluable way of getting around.

It is a fitness centre and can cost a lot to replace.

That is why mypremium.ie recommends a tailor made bicycle insurance policy to suit your particular needs.

Don't just hope it is covered on the house insurance.

You can use our online quote system to build the cover you need.

If you wish you can avail of the advice of our experts to help you decide which product suits you best.

Here is a selection of the items which you should consider;

• Personal Accident Cover

• Replacement Bicycle Hire

• Accidental Damage Cover

• Personal claims handling service

Contact us today.

How can I save money with the cycle to work scheme?

The fact that the Cycle to Work Scheme is a tax incentive scheme is a good start.

Through the scheme your employer can pay for your bicycle and bicycle equipment for you.

You then pay back via a salary sacrifice arrangement of up to 12 months.You avoid having to pay tax, PRSI, levies or the Universal Social Charge on your repayments.

It is not compulsory for your employer participate in the scheme.

However if they do, it must be available to all their employees.

What is salary sacrifice ?

Salary sacrifice is the name given to the method of paying back the loan on your bike, accessories and safety equipment.

Deductions are made from gross (this means before income tax, PRSI, pension levies or Universal Social Charge are deducted) rather than net pay for the agreed period (Can't exceed 12 months).

You, therefore,avoid having to pay income tax and PRSI on the value of the bike and equipment (up to €1000 maximum value).

How much in savings can I expect?

Most people on average can expect to save between 30% and 50%.

The actual amount you save depends on your personal tax band, and how your employer operates the scheme.

If you are a higher rate taxpayer then you will save more than a lower rate taxpayer.

I am interested in availing of the scheme. What steps can I take?

If you are an employee you should contact your employer and discuss the possibility of setting up a scheme at work.

If you have any more questions, just ask mypremium.ie and we will offer guidance and help. If you wish us to, we will contact your employer on your behalf to explain how the scheme works.

If you are an employer and would like some help in setting up the scheme please contact us. We are here to help.

Download the free Revenue Guide to the cycle to work scheme here>>>

You will require a pdf reader to read the guide. {KomentoDisable}

If you do not already have one,you can download the free Adobe Reader from the link below.

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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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