Savings
Investment:
Investing for the future is a big decision. Whether you have received a bonus, inheritance or sold an asset, you’ll want to see that money grow. Frances O’Hanlon Mortgages & Investments Ltd will guide you through the investment process, analysing your current situation, your growth/income expectations, advising you on what investment vehicle will best suit your needs going forward.
Pensions:
Our advisers will help you to review your current situation. We will outline the benefits available to you, and identify what you must do to ensure you have a sufficient pension at retirement.
We all know about the importance of providing for our retirement years; your retirement may seem a long way off, but you still need to plan for it today. The most suitable pension plan for you will depend on your employment details; whether you are self-employed, a contract worker, an employee or a company director, our experience and knowledge means we can recommend the pension that best suits your needs.
Personal Pension Plan:
Any self-employed person, or any PAYE employee including directors in non-pensionable employment, can contribute to a personal pension. There are several benefits to contributing to a personal pension including full tax relief on your contributions, tax-free investment growth and tax-free cash on retirement (25% of your retirement fund). You can retire any time between the ages of 60 and 75, take your tax free lump sum and then invest the remainder of the fund, or cash it in subject to a deduction of taxation.
Company Pension Plan:
For any company directors or employees, a company pension is one of the most tax efficient ways of transferring profits from the company. Contributions by a company to a pension plan do not suffer any tax penalties and can be written off by the company against corporation tax. The employer must contribute at least one tenth of the total contributions made in to the scheme. There are two types of company pension scheme:
1. Defined Benefit – Where the retirement benefits are based on the final salary at retirement as defined under the rules of the scheme and the number of years worked with the company.
2. Defined Contribution – Where the benefits are directly related to how much the employer, and perhaps the employee have contributed to the scheme. The total contribution plus the investment growth determine the total value of the retirement fund.
Retirement can be taken between the ages of 60 and 70, or proprietary directors may take retirement up to age 75. On retirement you have several options;
(1) 25% of your fund value tax free.
(2) Encash the balance subject to a deduction of income tax.
(3) Invest the rest of the fund in an annuity and receive a salary for the rest of your life.
(4) Invest in an Approved Retirement Fund.
Personal Retirement Savings Accounts (PRSA’s)
Personal Retirement Savings Accounts are part of the government’s move towards a more flexible pensions environment. Whether you are self-employed, employed, unemployed or already receiving benefits under a PRSA you can make contributions to a PRSA. You can contribute to your PRSA by payroll deduction from your wages or by direct debit from your bank account. You can contribute as low as €300 per annum to your PRSA and you can draw on your PRSA at any time between 60 and 75.
There are no limits to the benefits that can be gained from a PRSA. When you retire 25% of your total fund can be taken tax free with the balance being used to purchase a taxable pension for life or invested in an Approved Retirement Fund, which you can draw on during retirement.
Personal Retirement Savings Account (PRSAs) is a new type of pension which has just been launched into the Irish market. They are designed to be a low-cost, easily understood and portable pension.
> Everyone can take out a PRSA. You can contribute to a PRSA even if you’re not working at that time.
> You can contribute to your PRSA by payroll deduction from your wages or by direct debit from your bank account.
> You can contribute as little as €300 p.a. to your PRSA. Your employer can contribute to your PRSA, but is not legally obliged to do so.
> You will be able to bring your PRSA with you from job to job.
> You can normally draw on your PRSA fund at any time between ages 60 and 75.
> There are no limits to PRSA benefits. When you draw on your PRSA, 25% of the accumulated fund can be taken tax free, with the balance being used to purchase a taxable pension for life or invested in an Approved Retirement Fund which you can draw on during retirement.
Company Pension Plan
Regular Savings Plan
“Frances O’Hanlon and her team recently helped me remortgage my home. Their expertise couldn’t be better, in a market where so many mortgage companies fail to deliver. It was fantastic to work with a company that were so efficient.”
Martha O’Neill
Ferrybank
Waterford