Finance Act 2022 effectively eliminated the limit on the amount that the Company can contribute to an individual’s Pension PRSA contract, subject to the €2m Standard Fund Threshold (SFT).

The purpose of a Pension is ultimately to fund your Retirement years by saving a portion of your Employment Earnings into a tax-efficient vehicle.

A Personal Retirement Savings Account (PRSA) is a Pre-Retirement Pension Policy, suitable for employees who are excluded from their employers existing pension scheme, or where there is no pension scheme in place.

Revenue impose maximum age-based contribution amounts for Personal Contributions to Private Pensions

Proprietary Directors have flexibility in alternating their overall remuneration between Salary and Employer Pension Contributions….

The current Standard Fund Threshold (SFT) Limit is €2 Million euro. However, for planning purposes the target pension size is actually higher from a tax perspective, standing at €2,150,000.

When retiring a Pension into a Defined Contribution post Retirement structure, up to 25% can be taken in a lump sum & the balance to an AMRF / ARF.

Up until the end of 2021, this option to use a PRSA was only available to people with less than 15 years of Pensionable Service. However

A Retail Master Trust is a one-person Company Pension Plan that can house both Employer and Employee Contributions. This type of Pension is most suitable for Company Executives and Owner Managers.

A Buy Out Bond (also known as a Personal Retirement Bond) is a lump sum pension contract specifically designed to house legacy pension

Individuals who previously worked in the UK, and are now resident in Ireland, can transfer their UK Pension into an Irish Buy Out Bond that is ‘QROPs’ approved by HMRC.

A Defined Benefit (DB) Pension is a type of post-Retirement Pension that will pay an annual income (mainly paid monthly) for the rest of the policyholder’s life.

The current State Pension in Ireland is payable from age 66. This is due to increase to 67 (and subsequently 68), but at the time of writing (August 2021) we are not clear if and when this will happen.