- Personal Pension Plan – is a long-term savings plan, designed to save money for your future retirement and assist you in replacing income when you retire. It is suitable for self-employed persons or employees that have no pension scheme at work.
- PRSAs – is a Personal Retirement Savings Plan and is treated the same as a personal pension plan.
- Company (Executive) Pensions Plan – are designed for people who are working and whose employer wants to make a contribution. The employer may sometimes ask that you also pay into the plan. These contributions are called employee contributions. A Company Pension Plan is to save for retirement.
- Personal Retirement Bond – (PRB) is a pension plan which receives a single contribution. This plan is designed to receive a transfer payment from your company pension scheme or another personal retirement bond that you have.
Once this plan is set up, it becomes your own personal plan in your name. PRBs are also known as buy-out bonds.
Subject to revenue limits there are tax reliefs’ available on pension products.
- Post Retirement
– ARF/AMRF – are Retirement Bonds used in retirement when you are making a retirement claim.
– Annuities – is a product that allows you to use your pension fund/s to purchase a guaranteed income in retirement.
See the Personal Financial Planning section for more details on Retirement Planning