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Personal Pensions & PRSA
Group Pensions
Executive Pensions
Post-
Pension Transfer Bond
Personal Pensions and PRSAs are private pensions that are managed for you by a life
insurance or investment company. If you are earning an income but are unable or not
entitled to join a Group Pension plan, or if you are self-
Personal Pensions and PRSAs give you the freedom to decide how much you want to contribute, and where your contributions are invested. However, bear in mind that the older you are when you start, then the more money you will need to contribute to reach your target.
Subject to conditions, a PRSA can also be used alongside a company pension to make Additional Voluntary Contributions.
A Group Pension or Occupational Pension Scheme is a savings account designed to accept contributions from both you and your employer. These contributions then grow into a lump sum (pension fund) that will provide you with pension benefits when you retire.
All employers are legally obliged to provide employees with access to some form of pension provision. A Group Pension is an efficient way of doing this, providing excellent benefits to both employer and employee alike.
An Executive Pension is a pension plan that is specially designed for Company Directors and Owners, typically those with at least a 5% shareholding in the company. Executive Pensions are set up by the company who then usually make contributions to the plan.
Attractive tax reliefs for companies and individuals are available under current legislation.
Executive Pensions offer a full range of very attractive retirement benefits and tax reliefs:
Any contributions made by the company can be fully offset against corporation tax
and do not attract personal income tax as a Benefit-
Any contributions you make to an Executive Pension are subject to tax relief at your marginal rate, up to a generous maximum limit.
When people move from job to job many of them leave their pension behind them in their old company’s pension scheme.
Keeping track of different company pension schemes can be hard, and you might have very little say in how a scheme is managed once you have moved to new employment.
A Pension Transfer Bond (or Buy Out Bond) is a personal pension bond into which you can place the pension fund you built up with former employers. The advantages of moving your fund to a Pension Transfer Bond is that you can keep a closer eye on how it is doing and also decide for yourself where and how it is invested.
These days, the average person retiring at age 65 can expect to live for at least
another 20 years or more. Making the most of these retirement years involves careful
financial planning. The first part of this is choosing the right pension plan. The
second part is choosing the right post-
* Approved Retirement Funds
* Approved Minimum Retirement Funds
* Annuities
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