Personal Pensions

Retirement Annuities

Personal Pensions I A retirement annuity contract is effectively a personal pension. It is the traditional form of pension available to individuals, who are not members of an occupational pension scheme. It is effectively an investment policy.… Read the rest

RAC Benefits

Personal Pensions Conditions A personal pension contract / retirement annuity contract must be effected by an individual. It is principally for the benefit of the individual who enters the contract. A personal pension contract must be taken out with a life insurance company.… Read the rest

PRSAs

Personal Retirement Savings Accounts PRSAs were introduced in 2002 as a flexible, portable type of pension provision. Transfers may be made to and from other types of pension schemes. The PRSA may be carried by a person through multiple employments and self-employment, during his working life.… Read the rest

PRSA Disclosure

Providing PRSA Disclosure Certificate The Pensions Act and regulations under it, require that PRSA providers to ensure that holders receive certain information from time to time. The provider must furnished the PRSA holder with half yearly investment report of all funds in which the PRSA is invested.… Read the rest

Fund Taxation

Pension Fund Income Exempt Occupational pensions schemes which are registered with the Revenue (and Pensions Authority) are referred to as exempt approved schemes. Contributions to those scheme may claim and receive tax relief. The general position is that all income of the scheme accumulates tax-free.… Read the rest

Contributions

Pensions and Deferred Taxed Income Personal pension schemes (retirement annuity accounts) and PRSAs enjoy significant tax advantages. Contributions to these pension schemes / vehicles are allowed as a deduction for income tax purposes, thereby affording relief at the holder’s top rate of tax. … Read the rest

ARFs

Approved Retirement Funds Approved retirement funds were introduced in 1999. They are an entity into which a pension fund may be paid on retirement or at the relevant normal retirement age. The holder is owner of the ARF funds and has a discretion as to when to drawdown funds.… Read the rest