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Pensions

Pensions

A common mistake is people leave it too late to start investing in their pension, the earlier the better is the best approach.

One of the most complex areas of financial planning is pension provision Due to the very nature of the Pension Maze and to ensure that tax relief is maximised we would recommend that you speak to one of our Qualified Financial Advisors (QFA’s) to clarify the most appropriate option for you.

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Personal Pensions/ Personal Reitrement Savings Accounts (PRSA)

Suited to employed & self employed

These funds are held in the individuals own name. Both regular and once off premiums can be paid into the plan. Contributions qualify for tax relief by way of an annual tax return (myrevenue.ie). Employers can contribute to PRSA’s but cannot pay into personal pensions.

Executive/ Company/ Directors Pensions Plans

Suited to employed & self employed

These are in general arrange for employees of a company and it’s directors. The schemes are paid by the employers with the employee contributions deducted via payroll. As the contributions are made by the employer, the tax relief is deducted at source.

Self-Directed/ Self Administered Pensions

Suited to employed & self employed

Not for the faint hearted! These schemes allow you to manage your pension funds personally. They allow you to invest in a broad range of assets including specific shares, bonds, properties and commodities.

Group Pension Schemes

Suited to employed & self employed

Arranged by employers on behalf of their employees. Contributions from both employer and employee are administered via payroll deduction and both qualifiy for tax relief for both employee and employer. A trustee will need to be appointed, some employers opt to act as a trustee or appoint an independent professional to do so. There are many trustee firms available to choose from. The trustee maintains the scheme in accordance with regulations and guidelines set down by the pensions board.

Personal Retirement Bonds / Buy – Out Bonds

Suited to employed & self employed

This is a pension plan into which you transfer your pension pot from a former company pension scheme. You remove your former employers association with your pension and your funds. You have the ability after a period of time inside the buyout bond to chose the type of funds you wish to invest in and of course with the provider you choose.