This week a client contacted us for review of his pension . He is aged 33 of age and currently paying 300pm into a pension with a likely retirement age of 68yrs. My first task was to research his case whereby I found the following issues, firstly his pension was not being reviewed on a
This week we would like to offer you a whole host of helpful links to articles about pensions that have appeared in national press in previous weeks. We would love you to get in touch if you would like more information and if we can help in anyway at all. Are you thinking of getting
In the Irish Times this month there is an in depth article outlining why it is never too late to start planning your pension. Depending on your age there are many different option and sometimes your age might determine that it is not on your mind, however it is always good to have the information
We are all different when it comes to money, we ask ourselves how can we be better with our finances, how can we afford to live the way we want to but save a little too? we worry at times, should we be investing in the future or is it something to think about later
It’s time to talk about tax already I’m afraid. If you are self-employed you must calculate your tax liability and make a payment by 31st October 2016 (12th November if registered with ROS) in respect of your:
1. Final Tax Assessment for 2015; 2. Preliminary Tax for 2016.
The good news…
You can reduce your 2015 Final Tax liability and your 2016 Preliminary Tax liability by making contributions to a Personal Pension plan or to a PRSA plan by 31st October 2016 (or 14th November 2016 for ROS users) and electing to backdate the tax relief to 2015.
Example:
If you are self-employed you must calculate your tax liability and make a payment by 31st October 2014 (12th November if registered with ROS) in respect of your:
1. Final Tax Assessment for 2014; 2. Preliminary Tax for 2015.
The good news…
You can reduce your 2014 Final Tax liability and your 2015 Preliminary Tax liability by making contributions to a Personal Pension plan or to a PRSA plan by 31st October 2015 (or 12th November 2015 for ROS users) and electing to backdate the tax relief to 2014.
Example:
John is self-employed, aged 45 years, and his Net Relevant Earnings for 2014 were
Research reveals how little time many of us put into choosing an annuity so this week we look at how to get the most from your retirement pot. This is one of the biggest decisions any of us will make. You only get one crack at it, but it’s a decision that can influence the next 20-30 years of your life. So it’s distressing to see some people spend less time than most of us put towards working out our next holiday or what car to buy.
What is an annuity?
1. Pensions
The pension changes outlined in the Budget and current relevant rules are as follows:
Pension Fund Levy
The Pension Fund Levy will continue in 2015 at the rate of 0.15% as confirmed in last year’s Budget. Minister Noonan has confirmed the levy will cease after 2015.
This is encouraging for all those who hold private pensions and should ensure greater certainty in retirement funding.
Standard Fund Threshold (SFT)
The Minister did not mention in his Budget speech a change to the SFT of €2 million.
Those individuals with pension rights in excess of the SFT of €2 million as at 1 January 2014 have until 2 July 2015 to protect the capital value of those rights by applying for a Personal Fund Threshold (PFT) up to a maximum of €2.3 million. Individuals who already have a PFT will retain that PFT and do not need to take any action.