PRIVATE PENSION SCHEMES
The Lifetime Private Pension scheme was launched inline with the new pension legislation, the scheme is a long term savings plan what accepts regular contributions in order to save for your retirement with the aim to build up a pot of money to invest in funds with the aim of maximizing the rate of return to provide retirement benefits.
At your selected retirement date between the age of 61 and 70 you may take a tax free lump sum of up to 30%.The remaining balance can be used to provide you with an income for life. The income will be paid through programmed withdrawals which will withdraw an income directly from the fund.
OCCUPATIONAL PENSION SCHEMES
The Lifetime Occupational scheme has been set up to manage pension schemes on behalf of employers that wish to take advantage of the recently introduced pension legislation. A Lifetime Occupational scheme can be set up regardless of the number of employees that will be within the scheme whether its 5 or 500.
The government has now introduced an incentive for employers who voluntary contribute towards an occupational retirement scheme on behalf of their employees. From 2021 Employer contributions are considered as a deduction from the employer’s taxable income with a maximum of €3000 per employee per annum. The employer will also receive a tax credit on their tax bill of 25% of the contribution paid up to a maximum of €750 per employee, per annum.