What type of Pension do I need?

I am Employed

If you are employed, you are entitled by law to have access to some form of pension plan through your job. Many companies provide their staff with an employer or occupational pension plan. If your company does not have one, by law your employer must offer you a standard PRSA.

Occupational Pension Plans

An employer or occupational pension plan is one that is set up by an employer to provide pensions and other benefits for employees. With this type of plan your employer must make a contribution, however there is no statutory minimum that they must pay. If your employer offers you a Standard PRSA, they are not required by law to make any contribution, however, they may choose to do so and this may be part of your terms of employment.

PRSAs

PRSA stands for ‘Personal Retirement Savings Account’. Essentially, a PRSA is a simple and more flexible pension. PRSAs make it easier to save for retirement because they offer value for money, flexibility and convenience. A PRSA helps you save for retirement, and if your employment status changes or you move to a new employer, you may be able to bring your PRSA with you.

Personal Pension

A personal pension can be taken out by either a self-employed person or an employee of a company. Generally employers can not contribute to these plans, however, they often have more investment options than a PRSA. The charges will also vary from a PRSA.

I am Self Employed

Personal Pension

A personal pension can be taken out by either a self-employed person or an employee of a company. Generally employers can not contribute to these plans, however they often have more investment options than a PRSA. The charges will also be vary from a PRSA.

PRSAs

PRSA stands for ‘Personal Retirement Savings Account’. Essentially, a PRSA is a simple and more flexible pension.PRSAs make it easier to save for retirement because they offer value for money, flexibility and convenience. A PRSA helps you save for retirement, and if your employment status changes or you move to a new employer, you may be able to bring your PRSA with you.

I am a Company Director

Company/Executive Plans

Company or Executive Pension plans provide company directors with a very attractive and tax efficient method of converting company wealth into personal wealth. The director can choose to contribute himself (and receive marginal rate income tax relief on those contributions) or to fund the pension entirely from company resources (or a combination of both). These company funded contributions are not treated as a benefit-in-kind for the director and the company can offset them against Corporation Tax.

PRSAs

PRSA stands for ‘Personal Retirement Savings Account’. Essentially, a PRSA is a simple and more flexible pension.PRSAs make it easier to save for retirement because they offer value for money, flexibility and convenience. A PRSA helps you save for retirement, and if your employment status changes or you move to a new employer, you may be able to bring your PRSA with you.

What happens why if I leave my current employer?

One of the options you may be offered is a Personal Retirement Bond (PRB), which is sometimes known as a Buy-Out-Bond, this is used by the trustees of a pension scheme to buy retirement benefits for former members of their pension scheme. A PRB is a personal policy in the name of the PRB holder.

When a member leaves a pension scheme, the value of their fund, when they leave the pension scheme is invested in the bond. When they retire, they can then use the proceeds of the PRB to provide retirement benefits.

Get in touch…

So if you’re located in Dublin or the greater Dublin area and are in need of professional and reliable Pensions advice, don’t delay; contact our Pensions expert Robert O’Neill today on 086 229 3032 or by email at rob@mcfinancial.ie.

Our Contact Details

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MC Financial Services
Unit 9, Coolmine Enterprise Centre,
Coolmine, Dublin 15
Phone: 01 822 8022
Mobile: 087 932 1882

Email: info@mcfinancial.ie