Archive for category: Pensions

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August 6, 2021
06 Aug 2021

Sole Traders – Financial Services With Tax Relief

Pension

Income tax relief is still available on contributions made personally to a pension, 40% of the contribution for a top rate tax payer,
or 20% for a standard rate tax payer. For a higher rate tax payer, this is equivalent to the government topping up your net pension
contribution by up to 67%!

Life Cover With Tax Relief

Life cover with tax relief (also know as Personal Pension Term Insurance) is a policy that has been approved under Section 785 of the
Taxes Consolidation Act, 1997. Essentially it is life cover on which the premium qualifies for tax relief at the life insured’s marginal
rate of income tax, subject to certain limits.

Income Protection

Sole Traders pay PRSI at the class S rate. This mean you have little / no social protection, invalidity or disability. Income protection
is an insurance policy that gives you a replacement income if you can’t work because of accident, illness or injury. Income protection
can replace up to 75% of your normal income which lets you cover your regular expenses and protect your family’s lifestyle.
Premiums are eligible for tax relief at your marginal rate.

 

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November 26, 2020
26 Nov 2020

Putting the Retirement Puzzle Together. Do you know where all of the pieces of your Retirement Plan are?

A recent estimate by an industry expert suggested that there is over €10BN in ‘dormant pension pots’ in Ireland today. A lot of this is down to people moving jobs more regularly for family or career reasons and leaving the pension pot that they have built up with that employer behind them. You wouldn’t leave a savings pot sitting in a bank account, post office or credit union account and not be aware of how much is there, what return you are getting and when you can access it, so why do it with something as important as your Retirement Fund. These days people move jobs a lot more often than their parents ever did. Many clients that we meet have multiple pensions of various sizes from previous employments and are not aware of how they are invested, how they are performing or how they can be monitored or accessed. There is also the worry of putting all of these together at retirement and ensuring that you have not forgotten one or two pieces of the puzzle.

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February 12, 2019
12 Feb 2019

Win an iPad Mini in our Six Nations Competition

It wouldn’t be spring without the Six Nations Championship to look forward to and we are loving the 2019 season!  So much so that we’ve decided to run a competition in collaboration with the Dundalk Democrat.

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October 17, 2018
17 Oct 2018

Pensions and tax relief – your questions answered before the 2018 Tax Deadline

As the tax deadline of October 31st approaches, we’re being asked a lot of questions here at Cathedral Financial Consultants Ltd in Dundalk. So many in fact that we thought we’d put our most frequently asked ones all in the one article…

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May 30, 2018
30 May 2018

Almost all Irish workers could be in a pension scheme by 2022

Irish Pension Cathedral Financial

If the government has it’s way, almost all Irish workers will be enrolled in a pension scheme as of 2022. This is one of the many pension reforms that are planned and promises to be the most revolutionary in many generations. Read more →

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January 5, 2018
05 Jan 2018

Pension Benefits For Employees

Pension

 

In our latest blog post, Noel Larney, QFA, Financial Advisor, gives an overview of pensions and the benefits they offer for both employees and employers.

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November 16, 2017
16 Nov 2017

Setting Up A Pension Plan

Our latest post is by Paddy Keenan, one of our Financial Advisers, here at Cathedral Financial Consultants Ltd. 

Your pension is probably the most significant financial undertaking you will ever make, which is why you really should understand the basics. Only 200,000 Irish employees have defined benefit pension schemes, and only 700,000 contribute to a defined contribution pension scheme. But will those contributions be sufficient to fund your retirement? Most people can’t answer that question, as the verbiage in pension literature tends to put most of us to sleep. However, unless you have won the lottery and invested wisely, you really have to understand the basics of your pension plan.

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October 6, 2017
06 Oct 2017

Pensions and tax relief – your questions answered before the 2017 Tax Deadline

As the tax deadline of October 31st approaches, we’re being asked a lot of questions here in our HQ in Dundalk. So many in fact that we thought we’d put our most frequently asked ones all in the one article…
Read more →

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October 5, 2017
05 Oct 2017

10 reasons why you should have a pension

While many of us like to spend time thinking about times gone by, lots of us ponder about what’s ahead for us in the future too. Those of us that do all have one common wish – that it’s as stress-free as possible. One thing that can help make that happen is correct planning, which is why you should have a pension.

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September 21, 2017
21 Sep 2017

Are pensions only good for tax breaks?

It’s true to say at this stage that most people are aware at some level, of the significant tax benefits of pension planning. However, apart from obviously securing your lifestyle in retirement, are tax benefits the only reason that pensions are good for you, or are there other reasons to start or continue your pension planning?

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