Irish Life suspends accepting new one-member Occupational Pension Scheme applications

ITC have closed their self administered pensions to new business. I am not aware of any company currently opening one person company paid pensions. (there could be a pensioner trustee that I don't use).

Very short sighted from the govt and the Pensions Authority. Not only from my perspective but from the ability of people to save for their retirement. Of course, it doesn't impact on those who made these decisions with the DB pensions.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)

Sorry for the presumably daft question but are PRSA’s still an option? For those of us needing a one person solution?

Redder Than Red said:

Sorry for the presumably daft question but are PRSA’s still an option? For those of us needing a one person solution?

Click to expand...

They are indeed still an option. However, PRSAs have far lower scope for employer / company contributions than one-person occupational pension schemes. The maximum contribution to a PRSA for a person in their 40s, for example is 25% of salary and that's contributions from both employer and employee. For this purpose, salary is capped at €115,000 so if your salary is greater than this and you're in your 40s, maximum PRSA contribution is €28,750.

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