Life & Pensions

Our mission at Seaspray Financial is to help our clients build, manage and grow the optimum pension solution. We can advise you on the best pension products available, and working together, we will help you design a tailored pension plan that best suits your appetite to risk and retirement objectives.

At Seaspray Financial, we advise on and manage every type of Pension contract for:

• Pre-Retirement Pensions and
• Post-Retirement Approved Retirement Funds (ARFs)
• Types of pensions we manage : Buy Out Bonds, PRSAs & Personal Pensions, Executive Pensions & SSASs, ARFs.

We use third party Institutions, Administrators and Trustees to ensure full independence and complete regulatory control.

Tax Advantages of Pensions:

Going In:

  • Tax relief is available when contributing into a pension scheme. For an individual at the marginal rate of tax, personal contributions get tax relief at 40%
  • Employer contributions into Company Pension Plans attract tax relief from Income Tax as well as Universal Social Charge (USC) and PRSI
  • In addition, Employer contributions into Pensions are exempt from Employers PRSI (up to 10.95%)

Within:

  • All investment gains and distributions within a Pension Fund are tax-free, unlike deposits (subject to tax on interest in the form of DIRT) or investment in property or shares (where rent and dividends are liable to income tax and gains in value are subject to Capital Gains Tax)

Coming Out:

  • On retirement, 25% can be taken from a Pension in a lump sum. The first €200,000 of this is tax-free.
  • The 75% balance of a Pension can then go into the ARF / AMRF structure
  • On death the A(M)RF can go to the surviving spouse tax-free and subsequently onto children (if aged over 21) where the distribution will be subject to income tax at the rate specified (currently 30%)

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