A Company Pension is set up under a Trust by a company to provide retirement benefits for those included within it.
A Company Pension plan can include any number of employees from one upwards.
There are two types of Company Pension:
A Company Pension plan can include any number of employees from one upwards.
There are two types of Company Pension:
Included in this might be a vesting period. This is the period in which should an employee leave the scheme within this timeframe the company have the right to recoup there pension contributions. This is usually 2 years in duration.
Company Pension Plans provide excellent tax benefits to both the employer and employees and these are:
Contributions made by the company into an Executive Pension Plan can usually be offset against Corporation Tax as an allowable business expense (subject to Revenue limits).
You can also benefit from tax relief on any personal contributions you make. Tax relief is normally available at your marginal rate of tax (41%, if applicable) up to a maximum of 40% of earnings each year, depending on your age. This reduces the net cost of your pension contributions considerably.
Should the employer wish to contribute beyond a given percentage the max entitlement would be to fund for a pension up to two-thirds of final salary (to include all previous pension amounts) and a fund threshold of €2,000,000 (as of January 2014)
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