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Private Pension

Private pensions are a key aspect of planning for a financially secure future. Private pensions are essential to helping you have adequate income to enjoy in your retirement.

The state pension which will only be payable at age 68 (for people born after 1961) provides an income of c. €1,000 per month.  This will not be enough to meet your retirement needs so private pension provision needs to be considered.

The eligibility rules are:

  • People that have earnings from a self-employed trade or profession

Or

  • People that have earnings from a non-pensionable employment (PAYE).

Private pension benefits must be taken between age 60 and 75.

There are many generous tax benefits to encourage people to set up a private pension e.g.

  • Tax relief on the contributions at your marginal rate e.g. a person between 40 and 49 years can contribute 25% of their income and get tax relief on it (subject to salary cap of €115,000).
  • Pension fund grows tax free
  • Considerable funds can be extracted at retirement – tax free
  • Succession planning – pension funds can be left to spouse (tax exempt) and children in a tax reduced manner.

The key to building a sizeable fund is automatic saving. We know from experience that all savings needs to be deducted automatically on a monthly/annual basis, or else it won’t happen.  The perfect time to start is not next week or next year, it is now.

The maximum pension fund that anyone can accumulate is €2M. The maximum lifetime tax free cash is €200,000. Private pension plan holders can take additional “tax efficient” cash of €300,000 which will only be taxed at 20% which is a major advantage.

Another advantage is reduced cost life assurance cover. If you effect life assurance cover through private pension provision you will receive tax relief on same at your marginal rate (highest rate).

Financial Planning

Financial Planning

We can help you to have a good financial plan that can help you provide financial security for you and your family, and help you have the available funds for when you need them.

Investment Advice

Investment Advice

We offer comprehensive investment advice to grow your finance on the stock market, as it is one of the fastest ways to make a profit depending on market trends.