Looking to start a pension with lump sum from last year's business profits

[bittered]

I'm 36 and looking to get started with a pension. Last year my business made about €60k in profit. So instead of paying that out in bonus salary or getting stung with corp tax, I would like to start a pension and put in an initial sum of €60k in one go. Is that possible? Can I do this with a PRSA or do I need an executive pension?

 

[kevhenry]

Your company can now make unlimited employer contributions to a PRSA. Executive pensions are subject to company funding limits. The right option for you will depend on what you’re looking for…

Kevin
www.thepensionstore.ie

 

[bestestimate]

Your company can now make unlimited employer contributions to a PRSA. Executive pensions are subject to company funding limits. The right option for you will depend on what you’re looking for…

Kevin
www.thepensionstore.ie

Is it just a limited company can do this Kevin. I presume sole traders or partnerships can't do the same, or can they ?

 

[kevhenry]

Correct, a limited company is required to make employer contributions in this manner regardless of whether a PRSA or Exec is chosen. Sole traders are subject to personal funding limits rather than company funding limits. One of the big advantages in having a Ltd.Co.

Kevin
http://www.thepensionstore.ie/?utm_source=email&utm_medium=email (www.thepensionstore.ie)