Pensions | Jameson Financial


Could you survive on the state pension which currently stands at €219.00 per week (non-contributory) for a single person?

It goes without saying that making provision for additional income in retirement should be an essential part of your financial planning. At Jameson Financial we provide a full range of retirement plans tailored to suit your needs and circumstances. These include Personal Retirement Plans, PRSAs, Company or Group Plans and AVCs (Additional Voluntary Contribution plans).

If you are self-employed or not a member of an occupational pension scheme, a Personal Retirement Plan may be the best option for you. You can start a plan from as little as €50 per month and full tax relief is available on contributions (subject to Revenue conditions). At retirement you can avail of a tax-free lump sum of up to 25% of your accumulated fund and then use the balance to provide an annual pension. If you are a company director or a company employee a Group or Executive plan may be the best option. Contributions made by employers can usually be offset against Corporation Tax as an allowable business expense (subject to Revenue limits). These plans also offer considerable flexibility in relation to the timing of a company’s contributions to the plan. The company can choose to make regular contributions to the plan and /or lump sum payments to tie in with the company’s profitability subject to Revenue terms and conditions.

Employees, on the other hand, can also benefit from tax relief on any personal contributions they make. For these plans (and Personal Retirement Plans) tax relief is normally available at your marginal rate of tax up to a maximum of 40%* of earnings each year, depending on your age. This reduces the net cost of your pension contributions considerably. You can take 25% of the fund as a lump sum at retirement or in some cases 1.5 times your final salary. Employees can only avail of the 1.5 times salary option if they have 20 years’ service at normal retirement age with the company and intend using the balance of their retirement fund to purchase an annuity (i.e. a pension for life). A maximum of €200,000 can be taken tax free.


Get a Pension Quote Now or Call 01 6854092 to avail of expert advice and Jameson Financial Special Offers on Pensions.