Archive for the 'Pensions' Category

Pension lifestyling

Pension Lifestyling

Pension scheme trustees have to pick a default investment strategy for their members. This is supposed to be a prudent investment strategy that your average Joe can invest in without too much worries. It used to be the Balanced Managed fund up until the great financial crises. In 2008 alone, we saw the average Balanced […]

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Time to increase the Standard Fund threshold

You used to be able to have as big a pension pot as you wanted/ could afford. In 2005, a cap of €5 million was introduced. It was increased to €5,418,085 in 2008 before being reduced to €2.3 million in 2010 and then down to €2 million in 2014. It hasn’t changed since. In December […]

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Does having a pension make sense if I don't pay tax...at the moment?

Does having a pension make sense if I don’t pay tax…at the moment?

I have a few Irish clients who don’t pay any income tax due to where they are living in the world. But they plan on coming back to Ireland when they retire. A simple investment account would seem the way forward, given that they are taxed in the country they are resident. But what about […]

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PRSAs take pole position

PRSAs take pole position

The Finance Bill was published on Thursday and it has some interesting bits about pensions. The death of the personal pension From 1 January 2024, you will not be able to implement a new personal pension plan. If you have an existing personal pension plan you can continue to contribute to them until maturity. They […]

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PRSAs - Don't ruin it for everyone

PRSAs – Don’t ruin it for everyone

Do you remember when you were smaller and your mum would let you and your brothers and sisters take something from the sweet press? And instead of taking one thing, you took loads of sweets? So she took away all the sweets? There was excitement in the pensions world with the annual funding limits being […]

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Change of retirement specifications on PRSA's

Change of retirement specifications on PRSA’s

PRSA’s have always been somewhere between a personal pension and a company paid pension. While most of the rules for pensions are the same, each type has a few differences around the edges. The rules that applied to your PRSA depended on whether the PRSA was an employer based one (even if the employer didn’t […]

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Private pensions and not living in Ireland

Private pensions and not living in Ireland

Ireland is a lot different to when I was growing up in the 70’s and 80’s. For the last few decades, people actually want to come to Ireland to work. There are great opportunities for people to work for some of the biggest companies in the world. But just like the Irish move abroad and […]

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Occupational pensions schemes - where's the advice?

Occupational pensions schemes – where’s the advice?

A friend of mine is eligible to join their new employer’s group pension scheme and asked me to advise them on it. Of course I obliged, but isn’t there a scheme broker to go through the scheme with them? No, they were sent an email with the form, asked to fill it out and return […]

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How the change to PRSA rules has changed pension funding

How the change to PRSA rules has changed pension funding

Budget 2023 made some interesting changes to pension funding. Under traditional company pensions, a company can make generous contributions but there was a formula used in calculating how much can be made each year which the company could claim tax relief against. This formula included your age, salary, current pension values and a computation factor […]

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How to get entitlement of employers pension contributions inside 2 years

How to get entitlement of employers pension contributions inside 2 years

If you are a member of a company pension scheme, you have to be in that scheme for at least two years to be legally entitled to the value of your employer’s contributions (when I started working, it had just been changed to five years. Before that, you were never entitled to the value of […]

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