What is an executive pension plan?
Executive Pension Plans (EPP) are tax-efficient savings plans set up by the company for key employees. The employer (and sometimes the employee) pays into the plan, to build a tax-efficient fund, which is used at retirement to provide tax free cash and a pension income.
What is an Executive pension plan Ireland?
An Executive Pension Plan is a scheme designed to help company owners and company directors save for retirement. These plans allow you to appropriately save for retirement in a tax-efficient manner.
How does a 3% pension work?
A “3% at 50” retirement plan allows public employees to retire any time after they reach the age of fifty and annually receive a percentage of their highest salary as their pension. This type of plan that guarantees certain benefits is called a defined benefit plan and is common among public pensions.
How does a SSAS pension work?
SSAS pension stands for ‘small self administered scheme’ and is a type of defined contribution pension that an employer can self-manage for less than 12 members. Typically a SSAS pension scheme is set up by the directors of a business to gain more control over how their pensions are invested.
Is an executive pension plan an occupational scheme?
income for your pension. Taken out by senior executives or directors, executive pension plans (EPP) are occupational pension schemes provided by the employer and operated by a life assurance company.
What is a group personal pension plan?
Group personal pensions (GPPs) are a type of defined contribution pension which some employers offer to their workers. As with other types of defined contribution scheme, members in a GPP build up a personal pension pot, which they then take money from when they retire.
Who is the best pension provider in Ireland?
When it comes to pensions, Zurich Life has one of the best managed fund returns in Ireland over the last twenty years.
Are SSAS pensions good?
A SSAS pension is a good idea for those looking to build a legacy, grow their business, save tax, protect wealth, invest and diversify their pension funds and generally take control, with ultimate flexibility.
Does a SSAS need a professional trustee?
A SSAS does not need a Professional Trustee, but each SSAS requires a Scheme Administrator (an official role required by HMRC for Registered Pension Schemes). To be appointed as Scheme Administrator, each Trustee will need to qualify as a ‘fit and proper person’.
How much can a company pay into directors pension?
In total, your company can save up to 38.8% by paying money directly into your pension rather than paying money in the form of a salary. Depending on your circumstances, this may or may not be more beneficial to you than paying personal pension contributions.