Great thanks all, have a much better sense of how this works now.
The other thing I thought interesting about the funding quote I gave above was that you have the option of a once-off payment of just over €500k into the pension, with reduced annual payments allowed thereafter. Could be very handy if you're the owner of a small business with some spare cash.
Doh! Thanks! Is there some way to take advantage of this if you are a 'normal employee' and would rather your employer focussed on your pension.
I don’t know the answer as to whether this stuff is open to non EPPs, though I’m curious, but one solution to the salary sacrifice piece is that the next time you’re due a salary increase or anything like that, have it as employer contributions instead. It’s not salary sacrifice if it’s not yet salary...Doh! Thanks! Is there some way to take advantage of this if you are a 'normal employee' and would rather your employer focussed on your pension.
Here's a calculator that works it all out including the tax free cash option.Thanks for the replies. I actually have an old calculation done from my pension adviser, I was just curious how the figure is derived so I can understand how it varies as circumstances change.
I couldn't find a calculator online, anybody got a link or a link to the formula itself? Surprised not to find it somewhere on the Revenue site, but that could be my poor searching skills.
FWIW here is the calculation I had previously, for anybody looking at an exec pension and curious -
Age: 35ish
Tenure: 8-9 years
Salary: €114000
Max employee contribution per annum: €22800
Max employer contribution per annum: €51628
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