Whether you’re looking for a simple PRSA, or want to be in control of your pension and self- direct your investment, or leave the task to us, we will put together a retirement plan that will enable you to build the maximum fund possible and will reduce your tax liability.A secure financial plan can guarantee you a better future. We will select the best retirement plan for you and monitor it to ensure it always meets your needs and objectives.Your future depends on the financial decisions you make today. There are plenty of options for you to choose from and we are here to assist you in making the right decision. We offer specialised retirement planning to both companies and individuals and advise on the following retirement products:
Pre Retirement Planning
- Personal pension plans
- PRSAs
- Executive pension plans
- Self-directed pension
- Small Self Administered Pension Schemes (SSAPS)
- Staff group schemes
Declan has more than 19 years experience in the pension arena and can help you select a structure that will maximise your tax entitlements and will provide you with a fund to enjoy during your golden years.
Personal Pension plans.
Pensions have come a long way. Traditionally perceived as the conventional way to save for retirement, pensions are now investment vehicles offering a wide investment scope and great tax benefits. You benefit from tax relief on the money you put in and your pension fund grows tax-free until you retire. Personal pension plans allow you to:
- vary your contributions
- invest directly or indirectly in all major asset classes including deposit, property and shares
- decide how much and how often your fund pays out
Ultimately the size of your pension fund will depend on your contributions and choice of asset allocation so it’s important that you choose a flexible plan that will change accordingly to your financial requirements and your personal needs. We will carefully assess your current situation and financial objectives before recommending a pension structure that matches your investment appetite and we’ll work closely together to review it to ensure that it always fits your financial objectives. At your retirement, you have the option to take a lump sum of up to 25% of your retirement fund, subject to a limit of €575,000. You will be able to take up to €200,000 as a tax free lump sum with the balance of up to €375,000 of your lump sum available at a reduced tax rate which is currently 20%. Then you can decide to take your benefits in a number of ways:
- a lump sum and an approved minimum retirement fund
- a lump sum and an approved retirement fund
- a lump sum and a retirement annuity
- a lump sum and a PRSA
Whatever option you choose, any benefits taken in the form of a pension and any withdrawals from an approved retirement fund are regarded as earned income and are subject to PAYE income tax and PRSI. back to top ↑
PRSAs.
A PRSA (Personal Retirement Savings Account) is a flexible and transparent retirement product available to anyone, regardless of their employment status. Both you and your employer can contribute to it and your contributions are not taxed (subject to limits). Charges are low and limited by law (Standard PRSA) and you can stop or vary your contributions at any time. Like other pension plans, your money grows tax free until retirement, however your investment options are limited to more traditional asset classes. At your retirement, you have the option to take a lump sum of up to 25% of your retirement fund, subject to a limit of €575,000. You will be able to take up to €200,000 as a tax free lump sum with the balance of up to €375,000 of your lump sum available at a reduced tax rate which is currently 20%. Then you can decide to take your benefits in a number of ways:
- a lump sum and an approved retirement fund
- a lump sum and an approved minimum retirement fund
- a lump sum and a retirement annuity
- a lump sum and a PRSA
Whatever option you choose, any benefits taken in the form of a pension and any withdrawals from an approved retirement fund are regarded as earned income and are subject to PAYE income tax and PRSI. back to top ↑
Executive pension plans.
Executive pension plans are tax efficient retirement products for business owners and company directors. It is a Revenue requirement that your company invests in your executive pension and you can make additional voluntary contributions to it if you wish. Both you and your company benefit from generous tax reliefs on contributions to your pension and your money grows tax-free until you retire. As a holder of an executive pension at retirement you will have the option to take a lump sum of up to 25% of your retirement fund or you may take a lumps sum of up to one and a half times your final salary at retirement. This is subject to an overall lump sum of €575,000, of which you will be able to take up to €200,000 as a tax free lump sum with the balance of up to €375,000 of your lump sum available at a reduced tax rate which is currently 20%. Then you can decide to take your benefits in a number of ways:
- a lump sum and an approved retirement fund
- a lump sum and an approved minimum retirement fund
- a lump sum and a retirement annuity
- a lump sum and a PRSA
Whatever option you choose, any benefits taken in the form of a pension and any withdrawals from an approved retirement fund are regarded as earned income and are subject to PAYE income tax and PRSI. back to top ↑
Self-directed pensions.
A self-directed pension gives you complete control of your pension investment decisions. The main reason to choose a self-directed pension over a conventional pension, is to exercise control over the type and range of investments as you have the power to direct where your contributions are invested while the pension provider takes care of most legal and administration aspects. You can therefore tailor your investment portfolio to your own specific needs and objectives and invest in all major asset classes including:
I’ve always enjoyed being in the driving seat
- Cash
- Bank deposits
- Investment funds
- Residential and commercial property
- Shares
- Exchange traded funds
These types of pensions typically offer greater return potential as you can adopt a more aggressive investment style and you are not required to follow any strategy other than your own. And you can still avail of all the tax reliefs applying to conventional pensions, which makes them extremely attractive to high net worth individuals, with access to professional and independent financial advice. Your options at retirement are the same as with any conventional pension plan. You may decide to continue looking after your policy post retirement by self-directing your ARF an AMRF. In relation to Shares and Exchange traded funds, CK Financial Solutions is not authorised to advise on ‘Shares listed on a stock exchange’ and in this regard we facilitate transactions between our clients and a stockbroker. back to top ↑
Small Self-administered Pension Schemes.
These are occupational schemes for company directors and business owners with less than 12 members. One of the main reasons someone takes out a SSAS is for the diverse investment options it offers, particularly when it comes to having your pension invest directly into assets such as property. Under Revenue rules, all SAPS must have a Revenue approved Pensioneer Trustee, who will act as a pension administrator and along with CK Financial Solutions will inform you of all the rules and regulations you need to comply to. The term “Self-Administered” means that you are not buying a pension from a life company, therefore there may be more parties to the contract who will be required to provide services such as record keeping and various legal and reporting functions, which would normally be offered by your pension provider. CK Financial Solutions facilitate all of these areas for our customers. In certain circumstances SSAP’s are an suitable alternative to conventional pensions and offer the individual full control of their retirement funds without the requirement to use an insurance company. If you’d like more information about SSAPS, please email Declan at dkeegan@ckfinancials.ie back to top ↑
Staff group pension scheme.
Staff group pension schemes are established by employers to provide pensions to employees on retirement or to surviving dependants on the death of an employee. A well structured staff pension scheme is a tax efficient way to provide pension facilities for employees and can have the effect of attracting and retaining staff We advise employers and trustees on obligations under PRSAs and also in putting a group pension scheme and/or a death in service in place for staff. To find out more please contact Declan by email at dkeegan@ckfinancials.ie
