Zurich Master Trust or PRSA

[BikeShed]

I'm 35, working as a contractor and set up as an umbrella director. My income will be between €220,000 - €250,000 in 2025.

I'm looking to maximise my pension contributions to reduce my higher rate of tax for the year. I plan to stay working like this for another 5 years and then eventually go back to permanent employment.

I would like to access 25% of my pension when I'm about 50-55.

Can anyone recommend whether I'm better off with a Zurich PRSA or Master Trust Pension? What are the pros and cons? I currently have a Master Trust set up and I don't really understand the difference between them.

Thanks in advance.

 

[S class]

Great money in bike shed contracting.

 

[Steven Barrett]

I'm 35, working as a contractor and set up as an umbrella director. My income will be between €220,000 - €250,000 in 2025.

I'm looking to maximise my pension contributions to reduce my higher rate of tax for the year. I plan to stay working like this for another 5 years and then eventually go back to permanent employment.

I would like to access 25% of my pension when I'm about 50-55.

Can anyone recommend whether I'm better off with a Zurich PRSA or Master Trust Pension? What are the pros and cons? I currently have a Master Trust set up and I don't really understand the difference between them.

Thanks in advance.

You have to go with a Master Trust. To access a PRSA before age 60, you have to have retired. That is not the case with a Master Trust, you just have to have left employment.

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

 

[ClubMan]

You have to go with a Master Trust. To access a PRSA before age 60, you have to have retired. That is not the case with a Master Trust, you just have to have left employment.

But in the former case you just sign a declaration that you're finished working but, as far as I know, it's not strictly binding and you could still go back to some form of paid work if you choose? That's what I've done to access some of my PRSA at age 58 although, right now, I have no specific plans to renege on my declaration of retirement and return to work.