Pension and Tax Specialists – Davy
Member Offer:
- Personalised Support: Davy offers a planning-led approach with a team of pension and tax specialists to help clients assess their options
Are you a business owner or company director?
Avail of pension savings opportunities while they still exist.
Contributing regularly and investing in a pension over the long term remains one of the most tax efficient ways to build an asset base to support your lifestyle in retirement.
Finance Act 2022 introduced changes which have created opportunities for pension savers to make larger tax-free company contributions to Personal Retirement Savings Accounts (PRSAs).
PRSA funding has made the headlines in recent months as it has been a hot topic of conversation in the Dáil. There continues to be a window of opportunity for business owners or directors who, previously, may have been limited in terms of the company contributions they could make to their pension schemes.
If you have excess cash in your company, now could be a good time to review your retirement plan as the opportunity as it currently exists may well change in the coming months
What is the opportunity?
Previously, business owners and directors may have been restricted on the level of company contributions to their occupational pension schemes. This is due to the funding calculation that applies to these schemes.
These changes mean business owners and directors can now extract cash, tax free, from their companies into PRSAs, by way of employer pension contributions, with no restrictions on the level of contributions which can be made.
Determining what’s right for you
Advance consideration should be given to the company’s cashflow situation and to the long-term plans for the business, as once cash has been transferred to your pension it cannot be reversed.
There are also other important considerations such as the maximum tax-efficient pension fund of €2 million and the deductibility of the contribution for the company.
Next steps
At Davy, their team of pension and tax specialists can assess your options with you as well as your tax adviser. Their personalised planning-lead approach ensures you make the decisions that are right for you, in the context of your wider business and personal circumstances.
If you’re an existing Davy client, please contact your adviser to find out more.
If you’re new to Davy, why not request a call or visit davy.ie/prsa-for-business-owners
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About:
Davy’s story is one that parallels that of the Irish State, dating to 1926 when James Davy became a member of the Dublin Stock Exchange and, with his brother Eugene, established J & E Davy. In the many years since, Davy has spearheaded the expansion of financial and capital markets in Ireland. Today, they are the leading wealth management firm and investment bank in Ireland, employing more than 900 people across five locations including our headquarters on Dublin’s Dawson Street.
They are regulated by the Central Bank of Ireland and the Financial Conduct Authority in the UK. They have been a member of the Bank of Ireland Group since 2022.
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