What is an Executive Pension?
An Executive Pension is designed to help employees, company owners or company directors save for their retirement. Both employees and employers can avail of tax relief on their contributions.
- Choice– We offer a wide range of investment options, designed to meet your needs.
- Flexibility– You can increase your contributions, or make a one-off contribution, at any stage.
With an Executive Pension your employer makes contributions towards your pension.
Who is this product for?
You don’t have to be an executive to take out an Executive Pension Plan. This plan is designed for employees and employers in small to medium-sized companies, who wish to save for their retirement.
The maximum that can be paid into an executive pension plan, between the employee and employer, depends on the employee’s earnings, service and any benefits from a previous employment. The maximum amount the employee can pay in depends on their age.
When you retire
On retirement, you can take a tax-free lump sum of either:
- 25% of your fund, or,
- based on salary and service, to a maximum of 150% of salary.
The maximum tax-free lump sum you can take is €200,000.
The remainder of your fund can then be invested in an Annuity or Approved (Minimum) Retirement Fund A(M)RF/ Approved Retirement Fund.
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