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Personal Pension Plan

 A Personal pension operates by building up a single contribution or regular contributions to accumulate a capital lump sum by retirement which is then used to provide retirement benefits.

 Who can contribute?

Contribution can only be made by an individual if

• Has a source of taxable ‘relevant earnings’ in the current tax year, OR

• Had a source of taxable ‘relevant earnings in a prior tax year AND paid a contribution to a PPP or section 785 term assurance policy.

Relevant earnings are earnings from a non-pensionable employment or taxable income from a self employed trade or profession.

In general only the individual who takes out the PPP can contribute to it.

Retirement benefits

An individual can draw on a PPP:

•  At any time after age 60, but before age 75 (doesn’t have to retire)

• At any time in event of serious ill health where individual is deemed to be permanently unable to work again.At any time after age 50, where the individual’s occupation is one where people would normally retire before age 60 i.e. athlete.

• If the individual dies before taking any benefits the value of the pension is paid to their estate.

 

How can benefits be taken ?

On retirement benefits can be taken as follows:

• 25% Tax free

 Balance to buy

• Annuity

• ARF
• taxable cash

 (Subject to a minimum requirement €63,500 AMRF/ Annuity)

What should I do next?

You should get independent advice from one of our qualified experts.

You can use the get a quote button 

or contact us by telephone 1890 666 666