Pensions Term Assurance
The Pensions Term Assurance Plan offers Life Cover and is structured as a pension product so that, under current pension legislation, tax relief is available at the marginal rate of tax (as with personal pensions).
With Canada Life’s Pensions Term Assurance Plan, your premiums benefit from income tax relief at your highest rate of tax, subject to an overall limit. For example if you contribute €100 per week to your pension plan and you pay tax at the higher rate (i.e. currently 41%), the net cost to you would be €59 per week. The maximum contributions allowed for tax relief are as follows:
| Age | % of net relevant earnings |
|---|---|
| Under 30 | 15% |
| 30 - 39 | 20% |
| 40 - 49 | 25% |
| 50 - 54 | 30% |
| 55 - 59 | 35% |
| 60 and over | 40% |
*earnings from a trade profession, office or employment, less certain allowable expenses, and subject to a current earnings cap of €254,000
For more information please see the Pensions Term Assurance Factsheet
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