PENSIONS
It’s
never too early to plan for retirement. We all heard this before and
respond with a yawn. The quality of Life in retirement can be much
improved by a list of advanced planning.
Generous Tax concessions make it particularly attractive. If you’re
paying tax at the top rate of 42% then the state ads €42 to every
€58 you save.
Pension or Retirement funds can be accessed in a number of ways including:
• Personal Pension Plans
• Occupational Retirement Schemes
• P.R.S.A’s (personal retirement savings accounts)
• A.V.C Additional Voluntary Contributions
• Self Employed Pensions Schemes
• Director or Executive Pension Schemes
• Self administered pensions
* Self directed pensions
All of the above qualify
for tax relief on personal contributions at the following rates.:
| Age attained
during tax year |
(%
of Salary/Net Relevant Earnings) |
| Under
30 |
15% |
| 30 – 39 |
20% |
| 40 – 49 |
25% |
| 50 - 54 |
30% |
| 55 - 59 |
35% |
| 60 and over |
40% |
For
further information click here |