“An Executive Pension Plan is a tax-efficient scheme designed to help company owners, company directors and key employees to save for retirement.
These plans allow you to appropriately save for retirement in a tax-efficient manner.The Employer has to make a meaningful contribution on behalf of the employee i.e. 10% of the employee’s contribution is considered as ‘’meaningful’’. This means that if you contribute €1,000 gross per month into your pension, then, your Employer will contribute an additional €100 per month into your pension fund. All contributions will be deducted from your gross wages before any Income Tax, USC & PRSI are taken. Income Tax will be due from the net amount left. Currently, there is no tax relief on USC or PRSI.