Personal Pension

Additional Personal Pension Types

Additional Personal Pension types/structures such as PRSA (Personal Retirement Savings Account), and Buy Out Bond can be found below:

Personal Pension

The “Personal Pension” structure is very much suited to the sole trader who is self-employed and wishes to start a pension plan. It is also suited to any PAYE employed individual who cannot be part of a company arrangement.

There are 2 types of personal pension – Retirement Annuity Contract (RAC) and Personal Retirement Savings Account (PRSA).

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Benefits of a Personal Pension: Retirement Annuity Contract

  • The contributor will get tax relief at his/her higher income tax rate of either 20% or 40%.
  • The contributor can contribute on a monthly basis by personal direct debit or intermittently by means of a lump sum contribution to avail of tax relief, as per current revenue guidelines.
  • The growth in the fund will be completely tax free.
  • You can access 25% of your fund tax free anytime from age 60.
  • Personal Pensions are fully regulated by The Pensions Authority, so they are a compliant product..
  • As the personal pension is independent of the social welfare pension system, both are fully available at retirement independently.
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Benefits of PRSA: Personal Retirement Savings Account

  • A PRSA is a type of personal pension but one major difference is a PRSA can allow for company contributions too and since the removal of BIK on company pension contributions from 1/1/23, the scope for company contribution into a PRSA for a bona fide employee is up to the standard fund threshold for those with no retained benefits.
  • Whereby an RAC is usually managed by a life assurance company, a PRSA can be provided by a variety of financial institutions, such as banks, insurance companies, or investment firms.
  • A PRSA can be accessed at age 50 by a former PAYE employee who has retired and not taken up new employment in a PAYE or self-employed capacity.

Why Choose Mark Cahill Financial Services?

    • Mark Cahill Financial Services can provide the most suitable pension arrangement to meet your needs, be it Company Pension, self-directed pension, PRSA, personal pension, SSAP, Unit trust.
    • You will have a choice between the leading life insurance companies, investment & trustee houses in today’s marketplace and we can transfer your from one institution to another if this suits your needs better along your pension journey.
    • We are experienced in business exit strategies and are comfortable linking in with professional accountants and CTA tax specialists, when discussing pension planning alongside business exit strategies utilising retirement relief and Revised entrepreneurial relief.
    • Upon being provided leaving service options when changing employment, we can provide concise advice in relation to all course of action and recommend the best strategy to align with your future plans and goals.
    • As tax efficient financial planning is core to our ethos here, we will discuss other tax efficient investments that may be more preferable to your medium risk goals, for example EII investment, CGT investment.
    • Mark Cahill Financial Services offer a very personalised service to both employer and its scheme members in the form of group presentations and one to one consultations.
    • Mark Cahill Financial Services is an Investment Intermediary with access to different pension providers.
    • The setting up process with 1 specialist advisor will be handled quickly and efficiently, minimising total downtime.
    • Your account will be handled by a QFA (Qualified Financial Advisor) with a specialist pension discipline RPA (Retirement Planning Advisor) and specialist investment discipline (Specialist Investment Advisor) and Mark is also a PTP (Pension Trustee Practitioner)
    • Mark Cahill Financial Services can help you minimise onerous trustee responsibilities.
    • Mark Cahill Financial Services can also assist with setting up Group Death in Service (Life Cover as a multiple of staff members salary) and Group Income Protection (Sickness and Disability Cover), which is a very cost effective way to reward and maintain employees.
    • Mark Cahill Financial Services will keep you and your staff updated in relation to relevant budgetary and market changes.
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How to Get Started

Are you covered? Do you want to ensure you’re receiving the most out of your personal pension? Follow the steps below to get started with Mark Cahill Financial Services.

Step 1: Contact Us

Contact us and Speak to Mark Cahill.

Step 2: Information

Provide us with some information on your current situation and what you're looking for.

Step 3: Advice & Next Steps

We will provide you with advice and next steps to get started.

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