Personal Pension
Personal Pensions are provided by Bank of Ireland Life
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.
Bank of Ireland Life’s 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 Bank of Ireland Life’s 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 possible tax-free lump sum at retirement
- Choose from over 30 investment funds
- On retirement you will have a number of flexible retirement options
* You can currently claim up to 41% tax relief on your contributions. 41% assumes you are a higher rate tax payer. It is important to note that tax relief is not automatically guaranteed. You must apply to and satisfy Revenue requirements.
**You should however note that a temporary Government pension fund levy of 0.6% will be applied to the value of the pension assets as at 30 June for the years 2011-2014.
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
♦Protection options are provided under separate policies. Benefits are subject to underwriting and acceptance by Bank of Ireland Life. Terms and conditions apply.
Terms and Conditions
If you are a higher-rate taxpayer, for every €1 you save, you can normally claim 41cent* back in tax relief. So if you make an overall annual contribution of €1,000, this means it will actually 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% |
The limits above are subject to an annual earnings cap (which can change each year). The figure for 2012 is €115,000 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.
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 your pension plans. These limits (which may change each year) are €2,300,000 and €200,000 respectively for 2012. If your benefit exceeds the limits, the excess amounts will be subject to tax.
*You can currently claim up to 41% tax relief on your contributions assuming you are a higher rate tax payer. It is important to note that tax relief is not automatically granted, you must apply to and satisfy Revenue requirements.
**You should however note that a temporary Government pension fund levy of 0.06% will be applied to the value of the pension assets as at 30 June for the years 2011-2014.
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 such as contributions made and investment returns etc., 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 Personal Pension 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.
Bank of Ireland Life is a trading name of New Ireland Assurance Company plc.
New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Central Bank of Ireland. Bank of Ireland Insurance and Investments Limited is regulated by the Central Bank of Ireland. Bank of Ireland is regulated by the Central Bank of Ireland. Bank of Ireland and Bank of Ireland Insurance and Investments Limited are tied agents of Bank of Ireland Life. Members of Bank of Ireland Group.