As a Company Director you have substantial scope to use pension legislation as a tool for extracting wealth from your company, so you can benefit from advice on the more technical aspects of pensions.
Due to repeated changes in pension legislation many people now believe that Company Directors should take out a PRSA. The PRSA will suffice for some, but many Company Directors will be better served by an Executive pension.
The amount which your company can contribute to a PRSA established for your benefit is equivalent to your earnings from the company in the year of assessment.
Current pension legislation allows a company to make very substantial contributions to an Executive pension.
- Similar to the PRSA the contributions made by your company are deductible against trading profits in the accounting period in which the contribution is made, thus reducing your corporation tax bill.
- Even though they are for your benefit, contributions made by your company are not treated as a benefit in kind.
- Critically, with an Executive pension the company can also fund for the years you have missed
- There is no PRSI or USC liability for the company as a result of remunerating you this way.
- Your funds grow tax free within the pension
If you have long service and modest existing pension funds your company will usually have scope to make higher contributions to an Executive pension than it could make to a PRSA.
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Excellent service provided by Eoghan since I took the decision to take my pension out of the Banks and use a financial advisor to help me maximise incomes from the market. He is always attentive and quick to offer current valuable advice. Happy to recommend Eoghan to anyone interested in getting sound financial advice.
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See more information about how much you can have your company contribute to your pension in our Executive Pensions Frequently Asked Questions.
If you want to reduce your corporation tax bill and turn company funds into personal wealth we can help.
Contact us today on 01 546 1100, by email to info@hfp.ie or book a no-obligation Zoom call with us here.
Our minimum deal size is €100,000. If you establish a pension product through us there is no charge for advice as we get paid a commission from the pension provider. If we spend time advising you but you do not establish a product with us we charge for our time at the hourly rate specified in our Terms of Business (see link at bottom of page).
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The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision. The information presented does not include all the considerations which are relevant to the topic discussed as to do so would render it un-readable. When considering any financial issue you should seek the advice of a suitably qualified adviser.
ABOUT US
Best Pension Advice is a trading name of Highfield Financial Planning, the most client focused financial services company in Ireland. We provide superior advice on Retirement Planning for all types of pension available in the Irish market. As Specialist Investment Advisers we can also help you to manage the investment of your pension to achieve your income objectives in retirement.
Best Pension Advice in the Media
The Sunday Times
In the sport of target pistol shooting there is a saying, “slow is smooth, smooth is fast”, which refers to the way to approach drawing and firing a pistol quickly and accurately. The learner shooter who focuses on practising the correct technique slowly, only building in speed later, will win the day nine times out of ten.
The Sunday Independent
A pension is a term that can seem distant to many, especially if you’re at the beginning of your career. But it is a vital part of long-term financial planning, designed to provide you with a source of income in your retirement years. As the pension landscape continues to evolve, understanding the fundamentals and staying informed about the changes is crucial. So, what do you need to know?
The Sunday Times
I have been sitting on about €140,000 in my current account for the past year. It’s what was left over when I sold a property. I keep reading about inflation and how banks are paying no interest and might start paying negative interest, and so on.
The Sunday Times
Would-be investors have a difficult decision to make when considering their options. If they are going to increase their wealth, they will need, at a minimum, to beat inflation and whatever they are paying in charges.
Business Post
If you’re at the beginning of your working life or are simply new to pensions, we look at what you need to know
The Sunday Times
The phrase “Morton’s fork” can be traced back to the time of King Henry VII in the 15th century, when John Morton, then the Archbishop of Canterbury and lord chancellor, rationalised that a tax levied by the king was just.
Sunday Independent
Q I HAVE €150,000 which I want to invest for between 10 and 15 years — with a view to using it to fund my retirement in the future. I’m 50 years old. I am interested in property investment and had considered using the lump sum to buy a property outright.
The Sunday Times
If I asked 10 people on the street how long they thought pensions had existed, what do you think they would say? Since the 1960s, the formation of the state, or Victorian times?
Business Post
No matter how far away you are from retirement, it is always a good time to start a pension or to build up your contributions. And the tax benefits are considerable, writes Siobhán Maguire
Sunday Business Post
The area of pension guidance can be a minefield, but it’s one which Highfield Financial Planning is happy to negotiate for its clients
Sunday Business Post
Eoghan Gavigan, a specialist investment adviser and certified financial planner at Highfield Financial Planning, has advice for those looking to start a pension, writes Siobhán Maguire
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