I’m an employee or director not in an Occupational Pension Scheme
If your employer or company doesn’t provide a pension scheme, then making your own plans for retirement by saving or investing is really important and you’ll get generous tax incentives from the State to help.
It’s a little like a savings plan, with more advantages:
- You’ll get help from the State through tax relief (subject to limits) on your contributions
- No taxes are due on the gains made by your investments
- You’ll get a tax-free lump sum when your plan matures
- And you can use the balance to provide a long term income
Your employer will arrange payment
Your employer’s required by law, to provide you with a salary deduction facility to make contributions to at least one Standard Personal Retirement Savings Account (PRSA).
That means you can contribute to a RaboDirect PRSA by direct debit from your bank account on a monthly basis, or make one-off payments. Whatever’s affordable and works for you.
You’ll get help from the State too
If you pay into your PRSA using salary deductions, you’ll be entitled to Income Tax relief on your contributions (subject to the normal revenue limits), which really helps make the savings plan more affordable and keeps your contributions working hard.