Pensions & Retirement Planning
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Generally, employees fall into three categories:
- Private sector, but not included in an employer’s occupational pension scheme
- Private Sector, included in an employer’s occupational pension scheme
- Public sector, included in the public service superannuation scheme
Employees will pay income tax under PAYE Schedule E. Private sector employees will pay PRSI class A along with public sector workers recruited after 6th April 1995 as this PRSI class builds up an entitlement to Contributory State Pension. We encourage you to request a copy of your PRSI contributions record.
Request a copy of your PRSI contributions record with the Department of Social Protection
Employees not enrolled in an occupational pension scheme
Employees who are not included in an employers occupational pension scheme have a number of options to plan for their retirement:
- Where an employer does not operate or they are not including the certain employees in the pension scheme, the employer must facilitate any employees through a net payroll deduction from salary under employment law.
- Where an employee does not have the option of joining their employers pension scheme for whatever reason, their options to make pension contributions are:
- Through the employers nominated PRSA Provider, or
- contribute to a Personal Pension or PRSA of their own choice.
Employees enrolled in an occupational pension scheme.
Where an employee is enrolled in their employers occupational pension scheme, there are a number of benefits:
- Employers Contribution, which does not attract BIK for income tax, PRSI or USC
- Two options for your Tax free lump sum entitlement
- Death in Service benefits, some employers may provide death in service, illness and sick pay benefits as part of the scheme but not in all cases.
- ability for Additional Voluntary Contributions (AVCs) through payroll
Some occupational pension schemes allow employees / members to vary their contributions within certain limits, however it is advisable to contribute at a level that attracts the maximum level of employers contribution as the payment of the employer is not a BIK for income tax, PRSI or USC.
Employees / members of occupational pension schemes can pay additional voluntary contributions through the main scheme itself or through a separate AVC PRSA with another provider.
Employees / members of occupational pension schemes should receive annual benefit statements no later than 9 months after the scheme year end.