If you are an employee of a company that provides a pension scheme then it makes sense to become a member of this scheme as you will benefit from your employer contributions.

If your employer agrees to make a contribution to your pension the option most suitable for you is to set up a PRSA, however, if your employer does not make a contribution then we advise you set up a Personal Pension.

Total contributions (including both employer and employee) are subject to the revenue limits below.

Where you are already a member of an existing company scheme you are entitled to make additional voluntary contributions, these can be made directly into the company scheme or through a separate PRSA AVC.

One of our independent financial advisers will help you decide which option is most suitable to your individual needs and circumstances.

At retirement

Your retirement options depend on the pension option you choose. If you are an employee and a member of a company pension scheme i.e. "a non-proprietary" Director, you are entitled to 1.5 times your final salary in a tax free lump sum. The balance of your fund must be used to purchase an annuity.

If you are an employee with a personal pension / PRSA you are entitled to 25% of the fund you have built up in a tax free lump sum. The balance can be used to provide an income in retirement by purchasing an Annuity or alternatively it can be place in an Approved Retirement Fund (ARF).

One of our independent financial advisers will help you decide which option is most suitable to your individual needs and circumstances. Call us today on 01 639 5536 or Email info@brennanpi.ie

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