Introduction
How are you planning to fund your retirement years?
We may spend up to one quarter of our lives in retirement so it is important that we have the means to fund our retirement years.
Did you know that the current State pension (contributory) is only €230.30* per week or €11,976 per year?
A recent survey reported that 80% of the Irish population consider that the State pension will not be enough to meet their needs in retirement (Pensions Board consumer research survey, 2010).
Canada Life provides a full range of retirement plans covering everything from large group schemes to individual personal pension plans and PRSAs. Our pension plans are designed to meet your changing needs, providing a wide range of features and options.
Tax-efficient saving for your future
A pension is an extremely tax-efficient way of saving money for your retirement. Whatever type of pension you have, you are entitled to three generous tax breaks**:
Tax relief on money paid into your pension
Contributions paid into a pension plan benefit from tax relief at your highest rate of tax, subject to certain limits. If you are a PAYE employee your contributions will also be relieved from PRSI and the health levy.
Tax-free growth on your money
Any growth in contributions invested through your pension fund is exempt from Irish income tax and capital gains tax.
Tax-free lump sum when you retire
With many pension plans, you can take part of your fund as a tax-free lump sum when you retire.
* Figure correct as of October 2010
** Tax breaks are subject to certain limits depending on your individual circumstances. The above section is based on current legislation and is subject to change.
For more information please see our Pensions Brochure
Contact us for more information
