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Extending pension beyond maturity

  • 25-01-2024 02:36PM
    #1
    smacl
    Moderators, Society & Culture Moderators, Paid Member Posts: 16,086 Mod ✭✭✭✭


    I have a directors pension that is due to mature in a couple of years when I hit 60. As things stand, I'll probably continue to work at least part time after that, at least until such time as I can sell off my company. Does it make sense to extend the pension until I do actually retire or simply start a new one, on the basis that it is a great ongoing source of investment? Guessing the main people to ask are my pension brokers but I'm also aware that their job is to sell more product.

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Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 18,043 Mod ✭✭✭✭Henry Ford III


    Their job should be to give you the best advise!

    Anyhow if you wish to continue to work and don't need the benefits your pension NRD can easily be extended to a max age 75.

    Post edited by Henry Ford III on


  • #3
    Buddy Bubs
    Registered Users, Registered Users 2, Paid Member Posts: 6,229 ✭✭✭Buddy Bubs


    https://www.boards.ie/discussion/2058333185/extending-pension-beyond-maturity

    I'm going through this process with my uncle who I work for now, selling a company but also maxing out directors pension. It's quite complex, there's pensions, retirement relief and all other sorts of taxation and schemes going on. I'm a QFA but enlisted help of another one that has experience in directors pensions plus a tax advisor and the conversations are very detailed, very intracite. And also very expensive with the tax advisor! But worth it.

    He is extending his pension past his NRA but he has to be careful he doesn't lose tax allowances too.

    But his situation will be unique to him like yours will be to you.

    Talk to your brokers or enlist a very experienced financial planner, they're not that expensive. It's the way out is more complex than building a fund which you have been doing to now.

    If and when the time comes talk to a tax advisor too.



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