Retirement Planning
What Is Available to Help Meet Your Retirement Plans
If you choose to save for a pension there are a number of options.
Occupational Pension Schemes
They are provided through an employer for setting up a pension for directors and staff. The two main types are Defined Contribution Schemes and Defined Benefit Schemes.
Retirement Annuity Contracts
These are personal pension plans that are used by the self employed. But they can be used by employees if they are not in an occupational scheme.
PRSA
This is one of the more recent options to allow an individual to save for retirement in a flexible manner.
Small Self Administered Pension Schemes
These are a form of occupational pension scheme that offer greater control over the investment and management of funds.
All pension schemes must be approved by Revenue. They offer various tax advantages and benefits. The tax rules governing their funding, transfers and conversions are governed by complex tax laws that require careful consideration and monitoring on a regular basis.