One Quote Financial Brokers currently arrange free Master Trustee services for all new executive pension plan schemes.
Corporate Pensions
Corporate Pensions
When setting up your company funded Master Trust (executive pension), we provide the broadest range of investment choices at minimum cost, aligned to both your investment risk profile and impact investment preferences.
All plans arranged through us include 24/7 online portal access. Annual reviews and yearly benefit statements are provided as standard.
Corporate Pensions
Our personalised solutions offer multi-asset diversification, with a choice of passive and active management, alongside the ability to combine fund manager strategies, with downside protection.
We work with over 23 leading domestic and international fund manager options, to help ensure maximum value.
Corporate Pensions
A company may make whatever contributions are necessary to build up a pension fund, which will provide a director with a pension of 2/3rds of their final pensionable salary – subject to a maximum fund value, currently €2m (increasing to 2.8M by 2028).
Come retirement, your options are to take a tax-free lump sum and buy an Annuity, or to reinvest the balance in an ARF and take an income from that.
You can draw a tax-free lump sum based on your salary and service to a maximum of 1.5 times final remuneration, where you have 20 years of company service, or you can take a lump sum based on 25% of the value of your retirement pot.
A limit of €500,000 applies to the tax-free lump, with the first €200,000 paid out tax-free and the balance being taxed at 20%.
An annuity pays a retirement income for the rest of your life in exchange for the balance of your pension pot at retirement.
An ARF allows you to retain your pension pot at retirement, subject to minimum withdrawals, and can be passed on to your family on death.
Corporate Pensions
Frequently Asked Questions
Your company director pension questions answered.
A Master Trust Executive Pension Plan is best suited to company owners, with long potential company service come retirement (20 years or more) and the ability to take a high salary level, thereby availing of the possibility of a higher tax-free lump sum at retirement.
Older versions before the introduction of Master Trust contracts, may have lower charges and therefore prove better value to the newer PRSA alternative.
Yes, all private pension holders are still entitled to the State pension in addition. Currently, the current State Social Welfare Pension is only: €248.30 per week. The contributory pension starts at age 66 and the non-contributory not until age 67. Executive pension plan benefits can be taken from age 50 onwards and will not reduce your State pension benefits.
One Quote Financial Brokers currently arrange free Master Trustee services for all new executive pension plan schemes.
The tax breaks are numerous:
When it comes to the company making the contribution on your behalf, there is a range of factors in determining how much can be contributed, which are listed below.
However, the important point is that your company can invest a lot more than you can personally and still benefit from tax relief.
The maximum retirement fund that you can build up will be 2.8M by 2028, and if choosing to take the annuity route, over the ARF route, the maximum pension you can take is 2/3rds of your final pensionable salary.
The maximum contributions that can be made on a personal basis, will depend on your personal circumstances including company service and salary, whilst tax relief on personal contributions is restricted.
Contributions paid by you personally, will be considered for the purposes of determining maximum contribution limits for tax relief purposes, which equate to a % of net relevant earnings (annual salary) and increase with age, with a salary limit of 115,000 applying.
Employers can pay regular or single contributions to their pension plan. An executive pension can also accept transfers from other executive pensions as well as previous group schemes – these would usually be paid as electronic fund transfers from other institutions.
Senior employees and non-executive directors, can make regular contributions on the same basis as their employer, with the combined contributions payable through company payroll. They can also make one-off lump sum payments within Revenue Limits via EFT.
Where an employee dies in service before normal retirement age (NRA) a lump sum not exceeding four times the deceased employee’s final remuneration may be provided.The lump sum may be paid to the employee’s legal personal representatives (spouse) or a nominated beneficiary. A refund of the employee’s own contributions (with or without interest) may be paid in addition to any other lump sum.
You can retire from age 50 and provided you have left that employment, noting that you will need to sell your shareholding and sever all links with that business, but can choose to work elsewhere.
If you have to stop working due to serious ill-health, you can take your pension benefits earlier.
Once you have taken your retirement lump sum, you can choose to reinvest the balance in an ARF (investing in funds for tax-free growth as before) and make regular and ad hoc withdrawals to provide an income or you can choose to purchase an annuity.
We compare charges and investment performance of all leading insured and self-directed pension providers. We ensure that the recommended pension plan option, matches your appetite for investment risk and that any charges are fully transparent and kept to a minimum. We also offer you full online access to your pension plan from inception, with regular investment performance reviews.
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OneQuote Financial Brokers,
11 James’s Terrace, Malahide,
Co. Dublin, K36 CV08
One Quote Financial Brokers is regulated by the Central Bank of Ireland no: 459006.
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