A company pension is a pension plan for all employees which is set up by the employer and where the employer makes payments into it on behalf of employees.
Clear Executive from Irish Life
Irish Life Executive Pension plans are simply company pensions that help you build up a fund for your retirement.
Four great reasons to choose Clear Executive Company Pension from Irish Life.
With our executive pension plans, we offer a range of fund options depending on how you (the member) want to save for your retirement.
We offer two different strategies which gradually increase the security of your pension funds as you get closer to retirement. This is done by gradually moving from higher risk funds to safer options such as cash funds and bonds.
The trustee can choose your level of contribution (subject to a minimum amount per month) and you have the option to increase or reduce it at any time. You can contribute lump sums each year instead of (or as well as) regular contributions if you prefer, and you can even take a payment holiday if you need to.
4. Tax relief
You will get income tax relief and your employer will get corporation tax relief on payments made into a Clear Executive Plan. However income tax relief is not quaranteed, and pension income in retirement is subject to income tax, Universal Social Charge and PRSI if applicable. Any regular contributions from your employer are deductible by them as a business expense for Corporation Tax purposes in the Company tax year in which contributions are made. Correct as at August 2014.
Tax information is current and could change in the future.