Personal Pension
If you're self-employed, or an employee not in a company pension scheme, it's up to you to plan for your retirement so that you have more than the State pension to live on.
Our Personal Pension Plan is a tax-efficient way to save for retirement, with additional protection options such as Life Cover and Disability Cover.
Features
Benefit from the following with our Personal Pension Plan
- Start with as little as €100 per month
- Flexible savings - increase/decrease contributions when it suits
- Generous tax relief on contributions, tax-free growth on your investment and a tax-free lump sum at retirement
Protection options:
- Life Cover - a lump sum to help your family in the event of your untimely death
- Disability Cover - pays an income should you be unable to work due to a long-term illness or disability
- Waiver of Premium Cover - to pay your pension contributions if you can't work due to illness or injury
- Choose from over 24 investment funds
- On retirement you will have a number of flexible retirement options
Terms and Conditions
If you are a higher rate taxpayer, for every €1 you save you can claim 41 cent back in tax relief.
So if you make an overall annual contribution of €1,000, this means it should only cost you €590 after tax relief.
The Government has set certain limits on the percentage of earnings on which you can claim tax relief. The limit is related to your income or earnings and to your age.
The table below shows just how much tax relief you can claim:
| Age | % of earnings |
|---|---|
| Under 30 | 15% |
| 30-39 | 20% |
| 40-49 | 25% |
| 50-54 | 30% |
| 55-59 | 35% |
| 60 plus | 40% |
An annual earnings cap (which can change each year) is currently €262,382 for 2007 and applies to pension contributions for tax relief purposes.
If you pay in more than the maximum tax deductible contribution in any year, you can carry it forward and claim in future years, subject to the annual limit for those years.
Similarly, contributions paid while out of the workforce may be carried forward and claimed against future earnings on your return to paid employment subject to the annual limits.
It should be noted that tax relief is not automatically granted, you must satisfy the Revenue requirements.
Legislation restricts the maximum pension fund you may have on retirement. It also restricts the amount of tax-free cash you may take. These limits apply to the aggregate of all of your pension plans. These limits (which may change each year) are €5,165,000 and €1,291,250 respectively for 2007. If your benefit exceeds the limits, the excess amounts will be subject to tax.
Protection options
Further information on the protection options, including details of the terms and conditions that apply, is available from the Insurance and Investments Manager in your local Bank of Ireland branch.
Important Note:
It is important to note that the value of the pension investment fund will depend on a number of factors including investment returns, which are not guaranteed. Past performance is not necessarily a reliable guide to future investment returns, which may be higher or lower than assumed. The value of your investment and the sum you originally invested are not guaranteed.
Terms and conditions apply. Your PRSA is governed by a policy document and if there is any conflict between the information on this website and the policy conditions the policy conditions will prevail.
The information about Bank of Ireland Life's products and services is intended only for Irish residents. Bank of Ireland Life's products may only be bought by Irish residents.
New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Central Bank of Ireland and is a member of the Bank of Ireland Group. Bank of Ireland and Bank of Ireland Insurance & Investments Limited are regulated by the Central Bank of Ireland and are tied agents of New Ireland Assurance Company plc.