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Directors Pension

  • 03-02-2011 12:14pm
    #1
    peter redmond
    Closed Accounts Posts: 45 ✭peter redmond


    Can a director who is aged 55 years old, take 1.5 times his salary from his company pension?

    if anyone can give a heads up on this much appreciated!!tks!


Comments

  • #2
    thomasm
    Registered Users, Registered Users 2 Posts: 1,503 ✭✭✭thomasm


    Depending on service and contributions to date there is scope for putting in more than 150%. Certain pension structures will allow for backdating of contributions if you have not funded to your maximum allowence. Speak to a fee based adviser about this, not a salesperson from an insurance company


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Yes, provided he/she has 20 years scheme service, and 55 is n.r.d.

    p.s. It's quite a complex area, and I recommend you seek proper advice.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    thomasm wrote: »
    Depending on service and contributions to date there is scope for putting in more than 150%. Certain pension structures will allow for backdating of contributions if you have not funded to your maximum allowence. Speak to a fee based adviser about this, not a salesperson from an insurance company

    Yes, but OP was talking about taking benefits out I think, as opposed to maximum funding rates for inward contributions.


  • #5
    Sylvia Red Tribe
    Posts: 0 CMod ✭✭✭✭ Sylvia Red Tribe


    peter redmond wrote: »
    Can a director who is aged 55 years old, take 1.5 times his salary from his company pension?

    if anyone can give a heads up on this much appreciated!!tks!

    Want to see the trust deed & rules before anything. also at discretion of the trustees I would say


  • #6
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    bluewolf wrote: »
    Want to see the trust deed & rules before anything. also at discretion of the trustees I would say

    Yep. Revenue rules, and maximums therein will always apply though.


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  • #7
    Sylvia Red Tribe
    Posts: 0 CMod ✭✭✭✭ Sylvia Red Tribe


    Henry Ford III wrote: »
    Revenue rules, and maximums therein will always apply.

    Yep, but that's only if he is allowed take anything in the first place


  • #8
    peter redmond
    Closed Accounts Posts: 45 ✭peter redmond


    bluewolf wrote: »
    Yep, but that's only if he is allowed take anything in the first place

    Thanks for the heads up!

    yeah its kinda a tax issue, as I know if he was 60 years he would have to resign from the company.

    However the fact that he is 55 years, a director and he wants to access his company pension is that allowed??could he take 1.5 times his salary , as there only around 50K in the pot to take? any ideas....


  • #9
    peter redmond
    Closed Accounts Posts: 45 ✭peter redmond


    Henry Ford III wrote: »
    Yep. Revenue rules, and maximums therein will always apply though.

    Contacted the revenue, they couldnt confirm, they just said to send in a email with the query?


  • #10
    Sylvia Red Tribe
    Posts: 0 CMod ✭✭✭✭ Sylvia Red Tribe


    peter redmond wrote: »
    Thanks for the heads up!

    yeah its kinda a tax issue, as I know if he was 60 years he would have to resign from the company.

    However the fact that he is 55 years, a director and he wants to access his company pension is that allowed??could he take 1.5 times his salary , as there only around 50K in the pot to take? any ideas....

    He really needs to contact the trustees or the administrator of the pension :confused: they should be able to advise on revenue limits as well


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