Are you employed in the public sector or are working for a reputable company in Ireland? If yes, have you made any plans for your retirement? If not, now is the time to start planning for your future to ensure that when you retire, you can enjoy your life without financial worries!
An employee pension scheme (EPS) is a type of defined contribution (DC) retirement savings plan in which individuals contribute to their pension funds. The employer also contributes on behalf of the employees. It entitles you to receive a lump sum settlement when you retire. The pension fund is calculated by how much you save and how long you contribute to it.
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Who Qualifies For This Pension?
- You must be a citizen of Ireland.
- You must be classified as a worker and have signed a contract with your employer
- Your minimum earning must be € 10,000 per year
- Can withdraw a partial amount (if eligible) in case of emergency
- Must be above 60 years of age to claim your total retirement fund
Secure Your Retirement Dreams With Employee Pension Plans
Employee pension plans are excellent retirement savings options for employees. It allows you to save for retirement while also benefiting from the maximum amount of tax relief available to you.
An Employee Pension Scheme is a tax-advantaged plan that allows you to contribute to your retirement savings. This can be accomplished by you and your employer making monthly payments. Your contribution amount will be determined by your annual income.
Pension schemes are classified into three types: Defined Benefit (DB), Defined Contribution (DC), and Money Purchase Pension Scheme (MPP). These have varying levels of benefits, but they all provide tax-free savings on contributions and income after retirement. Typically, the maximum amount of earnings allowed for calculating tax relief is €115,000 per year.
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Benefits Of Employee Pension
- It gives you an opportunity to save for your future and build up a fund that will help you in retirement.
- You can access this fund when you retire to aid your lifestyle and regular expenses
- The money can be invested into shares, bonds and other investment vehicles as per your preference.
- The amount that you contribute towards your pension will be tax free and this will be deducted from your salary every month by your employer.
- A guaranteed minimum pension payment each year which never decreases