Executive Pension Plans

An Executive Pension Plan is a private pension plan suited to proprietary directors and small business owners including contractors. It’s key advantage is that the company can fund your pension plan in full, making this the most tax efficient way of turning company profits into personal wealth, whilst your directors pension fund always remains independent of the company’s assets.

executive-pension Pension Plans play-video
Executive Pension top-tips
Executive Pension


Pension Plans top-tips

  1. The average person retiring tomorrow aged 65 years has a life expectancy of between 20 years, that’s a significant amount of time to enjoy in retirement.
  2. It takes a long time to save for retirement and the earlier a person starts the better.
  3. Taking stock of your existing pension can reduce investment charges and allow greater control over your benefits come retirement.

Executive Pension Plans

We provide impartial pensions advice, with free consultation, the lowest fund management charges and 100% investment allocation.

Not all Executive Pension Plans are the same when it comes to funding choice, fund performance, and associated costs, you’re best to choose a broker for best value independent advice.

At OneQuote.ie your individual Executive Pension Plan consultation is free and includes personal investment risk profiling with the broadest fund choice, coupled with regular reviews and fund value updates.

Executive Pension Plan – Key Highlights:

  • Fully fundable through company contributions.
  • Full corporation tax-relief.
  • No benefit in kind.
  • Tax-free investment growth.
  • 25% retirement lump sum.
  • Director can access their funds from age fifty onwards.
  • Allows a director to ring-fence company money in their own name and away from their business.

Pension Investment Videos

Starting an Executive Pension Plan

The Right Advice

There are several ways to best set up your Pension Plan, dependent on your personal circumstances. Our job is to provide the best pension advice, offering the broadest range of investment choices, with a minimum cost aligned to your personal investment risk profile.

When arranging your pension plan you need to be fully aware of the underlying costs involved, as well as choosing the right investment funds and strategy to grow your pension fund over time, with easy access and regular updates.

At One Quote Financial Brokers, our advice based private executive pension plan offerings include:

  • Free Personal Consultation.
  • The Lowest Annual Management Charges (AMC’s).
  • The Broadest Fund Choice.
  • Quarterly Investment Updates.
  • 100% Net Investment Allocation.
  • 24/7 Online Plan Access.
  • Free Fund Switching.
  • Annual Benefit Statements.
  • Free Trustee Services.
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Executive Pension Plan Retirement Benefits

Your Options at Retirement

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 final pensionable salary – subject to a maximum salary of €150,000 and a maximum fund value of €5.4m.

Come retirement when you’re ready to take your benefits your options are to take a tax-free lump sum and buy an Annuity which is a paycheque for life or having taken your lump sum to reinvest the balance in an ARF and make income withdrawals from that.

Cash Lump Sum

You can draw a lump sum based on your salary and service to a maximum of 1.5 times final remuneration where you have more than 20 years service or you can take a lump sum based on 25% of the value of the pension pot. A limit of €500,000 applies to the lump sum where the first €200,000 is tax-free and the balance up to the €500,000 is taxable at 20%.

Annuity Option

An annuity pays a retirement income for the rest of your life in exchange for the balance of your pension pot at retirement.

ARF Option

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.
 

Executive Pension Fund Choice

Assessing your investment options

As a pensions broker, we compare the market for the best pension products and offer the broadest range of investment fund options including; multi-asset, with-profit, alternative and self-directed options.

One Quote Financial Brokers partnered fund managers include a choice of; Zurich, Aviva, New Ireland, Irish Life, Friends First, Columbia Threadneedle, BlackRock, Dimensional, BNP Paribas, Legal & General, BNY Mellon, State Street, Goodbody, Merrion, JP Morgan, Invesco and Davy.

Reviewing Existing Pension Plans

Free audit of any existing Pension Plans

If you already have an Executive Pension Plan in place, you need to be sure of 3 things:

  1. That the underlying investments are in line with your attitude to investment risk
  2. That the plan is being funded directly through company monies.
  3. That the underlying charges are reasonable and transparent

Many Executive Pension Plans are been overcharged by inbuilt plan costs, including:

  1. Investment Contribution Charges
  2. Ongoing Adviser Commissions
  3. Excessive Fund Manager Fee’s

If you’re in any way unsure about your Executive Pension Plan charges, then you should consider talking to One Quote about a no obligation pension review.

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