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EMN
Guest
I run a small business and have both self employed & employee status.
Up until now, I do not have a retirement plan thus relying on my husband's top class defined benefit scheme for both of us.
My employee status is with a company which recently offered to put €250 per month into a pension for me.
I am with that company since 2001 and intend continuing working for the next 7 years (I am in my late 50's, unfortunately...but look a lot younger or so I've been told !).
I presently earn c€7,000 per annum from that employment.
So, my question is ..What type of pension will allow me take the maximum tax free lump sum and the balance (less standard rate tax) in cash as this balance would only purchase a very modest (negligible) annuity.
I have taken advice but do not understand much of the rationale or terminology which has included PRSA, EPP, x/80ths, 25% or 1.5 times,Trivial Pension and much more.
I am a standard rate tax payer and my husband a top rate tax payer.
I feel that the company is being generous with its offer to fund a pension for me but, at this stage, could any of you point me in the right direction as to what type of pension plan would meet my criteria of taking the maximum (tax free) lump sum & the balance by way of a (taxable) lump sum ?
A secondary question, does it make sense for me to contribute even a modest amount, say, €50 or €100 per month as I am only a standard rate taxpayer ?
EMN
Up until now, I do not have a retirement plan thus relying on my husband's top class defined benefit scheme for both of us.
My employee status is with a company which recently offered to put €250 per month into a pension for me.
I am with that company since 2001 and intend continuing working for the next 7 years (I am in my late 50's, unfortunately...but look a lot younger or so I've been told !).
I presently earn c€7,000 per annum from that employment.
So, my question is ..What type of pension will allow me take the maximum tax free lump sum and the balance (less standard rate tax) in cash as this balance would only purchase a very modest (negligible) annuity.
I have taken advice but do not understand much of the rationale or terminology which has included PRSA, EPP, x/80ths, 25% or 1.5 times,Trivial Pension and much more.
I am a standard rate tax payer and my husband a top rate tax payer.
I feel that the company is being generous with its offer to fund a pension for me but, at this stage, could any of you point me in the right direction as to what type of pension plan would meet my criteria of taking the maximum (tax free) lump sum & the balance by way of a (taxable) lump sum ?
A secondary question, does it make sense for me to contribute even a modest amount, say, €50 or €100 per month as I am only a standard rate taxpayer ?
EMN