Personal Pension plan
Any self-employed or a PAYE employed person can contribute to a personal pension plan. There are several benefits to contributing to a personal pension plan including full tax relief on your contributions, tax-free investment growth and tax free cash on retirement (25% of your fund). You can retire at any time between the ages of 60 and 75, take your tax free lump sum and then invest the remainder of the fund, or cash it in subject to a deduction of taxation.
Here at Neiland Financial Services we represent a number of Pension Providers. So give us a call today to discuss our range of options we have available to suit you.
Irish Life has developed the following short video outlining the basics of how company pension plans work. If you haven't been part of a company pension plan before, or if you just want an introduction as to how company pensions work, then you'll find this video useful in explaining the basics of company pension plans and the advantages of them. Included in the video is information about pension investments as well as brief details of the tax relief available on contributions made to a company pension plan.
Irish Life has developed the following short video outlining the basics of how company pension plans work. If you haven't been part of a company pension plan before, or if you just want an introduction as to how company pensions work, then you'll find this video useful in explaining the basics of company pension plans and the advantages of them. Included in the video is information about pension investments as well as brief details of the tax relief available on contributions made to a company pension plan.
Increased tax deduction for pension contributions
If you are a self-employed person, a director (a director of a family company or a director who controls more than 5% of the voting rights of company) or an employee who is not in an occupational pension scheme, the percentage of your earnings* which can be set aside each year as pension contributions -and be fully tax deductible - is set out on the chart below.
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If your income comes wholly or mainly from specified sporting activities i.e. athletes, badminton players, boxers, cyclists, footballers, golfers, jockeys, rugby players, squash players, swimmers or tennis players, you will be able to contribute 30% of your earnings each year, irrespective of your age.
In all cases tax deductible contributions are calculated by reference to a maximum earnings figure of €253,947 for a tax year, where actual income in any year exceeds this amount. You will be able to make contributions to your pension scheme until you reach the age of 75 (previously 70). |
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Neiland Financial Services Ltd, Carrig House, Roche's Road, Wexford, Y35 X06K- T: 053 9146592 | F: 053 9152090 | W: www.nfs.ie
Neiland Financial Services Limited T/A Neiland Financial Services, Ace Mortgage Solutions is regulated by the Central Bank of Ireland.
Directors: Kenneth Neiland & Margaret Neiland
Registered information: Company No. 440364 Registered Office: Carrig House, Roche’s Road, Wexford, Y35 X06K
Neiland Financial Services Limited T/A Neiland Financial Services, Ace Mortgage Solutions is regulated by the Central Bank of Ireland.
Directors: Kenneth Neiland & Margaret Neiland
Registered information: Company No. 440364 Registered Office: Carrig House, Roche’s Road, Wexford, Y35 X06K
