This is a very valid concern as most people would like to ensure the wealth they have accumulated in their pension goes to their family in the event of their death.
Recent changes in the Finance Act December 2022 now mean a PRSA Pension is the better way to structure your Pension so that your Spouse inherits your Pension Tax Free in the event of your untimely death.
Currently most Company Directors have Executive Pension Schemes. In the event of your untimely death Executive Pension Schemes in most cases pay a lump sum to a spouse of no greater than 4 times your salary from the pension, with the balance assessable to income tax.
For Example:
Pension, Tax & Investment Specialist
Qualifications:
Michael has been providing pension, tax, investment, and financial advice to his clients since 2005. He has an in-depth understanding of Business Owners and their requirements, which allows him to identify and implement tax efficient solutions that allow his clients to effectively plan for retirement. He is constantly upskilling himself in the ever-changing world of Pensions and Tax, which is reflected in his many qualifications.
Outside of work Michael is a keen cyclist and swimmer. He also keeps himself very busy supporting his 3 children in their own pursuits, both sporting and academic, and he also coaches juvenile GAA Football Teams.
Pension Type | Inheritance |
|---|---|
Personal Pensions and SIPPs (Self Invested Pension) | Lump Sum subject to normal CAT rules and thresholds |
PRSA | Lump Sum subject to normal CAT rules and thresholds |
Executive Company Pension & SSAPS (Small Self-Administered Pension Scheme) | Company Contributions = Lump Sum is limited to 4 x Gross Income (subject to normal CAT rules and thresholds) with the balance paid as an Annuity for Life* AVC & Employee Contributions = Lump Sum subject to normal CAT rules and thresholds |
Personal Retirement Bond or Buy Out Bond | Lump Sum subject to normal CAT rules and thresholds |
Transferring an Executive Company Pension or SSAP to a Personal Retirement Bond prior to death will allow for the proceeds of the Pension to be paid as a Lump Sum, subject to normal CAT rules and thresholds
Group A | Group B | Group C |
|---|---|---|
Applies where the beneficiary is a child (including adopted child, step child and certain foster children) or minor child of a deceased child of the disponer. Parents also fall within this threshold where they take an inheritance of an absolute interest from a child, | Applies where the beneficiary is a brother, sister, niece, nephew or lineal ancestor or lineal descendant of the disponer | Applies in all other cases |
€335,000 | €32,500 | €16,250 |
All inheritances over these amounts are subject to CAT at 33%
See How We’ve Helped Other Solicitors
After so many years working and building up my Pension it was quite daunting when the time came to access my Pension. There were lots of different options available to me and I wanted to make sure I was fully informed. Michael in Guardian Wealth helped me to understand the immediate and long-term implication of the options available to me and guided me through the process. I would have no hesitation recommending Guardian Wealth.
Trying to make a decision between keeping my existing Defined Benefit Scheme or taking a transfer value was not a clear decision for me. I needed to take advice from somebody with experience so was very happy when I reached out to Michael in Guardian Wealth. Once we weighed up the advantages and disadvantages of each option it became clear to me what I needed to do. I would recommend Guardian Wealth to anybody trying to make a similar decision.
I have been receiving advice from Jim Doyle in Guardian Wealth for 3 years. I was advised by a friend to use Guardian Wealth and so I contacted them when the time came to access my pension. Jim has been very good to me and has given me great advice over the years. He keeps in touch to give me updates on my pension and he is always available by phone if I have any questions. I am delighted that I am dealing with Guardian Wealth. They are a professional outfit and very straightforward to deal with.
I contacted Guardian Wealth as I was looking to get advice on how best to transfer my UK Pension back to Ireland. I met with Michael a few days later and he explained the process to me, and we got the documentation completed to enact the transfer. I don’t think it was something that I could have completed myself, so I am more than happy to recommend Guardian Wealth to anybody looking to transfer their UK Pension back to Ireland.
Trying to get my UK Pension transferred to Ireland was a confusing process. I was getting different advice and opinions from different sources. Michael reviewed my circumstances and was able to explain exactly what my options were. He also contacted the UK pension provider to make sure the process went smoothly. I would have no hesitation recommending Guardian Wealth.
Many thanks for all your help in making the transfer so seamless. I have to say I thought you did an excellent job and I am lucky to have landed on your website when I first started looking for someone to help me on this.
I had been researching the possibility of transferring my UK Pension back to Ireland for quite some time. However, it wasn’t clear to me what steps I had to take to get it done. Once I contacted Guardian Wealth Jim was able to explain the process to me, organise the paperwork and deal with my UK Pension provider. I am happy to recommend Guardian Wealth to anybody who needs help with their UK Pension transfer.
Drawing down my Pension was a big financial decision and I was very happy I chose Guardian Wealth. Michael clearly explained my options to me and dealt with my insurance company to make sure it went smoothly. I now meet with Michael every year to make sure my retirement plans are on track. I have no hesitation in recommending Guardian Wealth’
I have experienced the ups and downs of Pension funds over many years. As I got closer to retirement, I needed to get advice regarding the risk profile of my pension funds as I didn’t want to see it fall in value at this stage of my life. Michael was able to provide practical steps to make sure this risk was reduced for me and I am happy that I am on the right road. They are always at the end of a phone & very accommodating to meet at short notice to discuss any queries that we may have. I do recommend Guardian Wealth to anybody worried about their pension.
Like most business owners I put most of my energy into making sure my business is successful. Very often that leaves little time to stop and look at my bigger picture financial position, and plan for the future. I have been working with Michael in Guardian Wealth for a number of years now and it’s great to know that he has a financial plan in place for me, and meets with me regularly to make sure I am on track. I am happy to recommend Guardian Wealth.
Usually, your first contact with us will be a short telephone call or an email with Joanne in client services. This allows us to understand your situation and let you know how we can help you. A quick phone call or email can often be the easiest way to take the stress out of these decisions.
For most of our clients that initial phone call or email is where they start to get clarity on the right steps to get the most from their Pension.
Joanne will quickly get a handle on your situation and you can decide together what tax advice is needed. She will set up a quick call with Jim or Michael to give you some advice over the phone or on a video call. You can contact Joanne on 01 5267770.
