Revenue Max for Annual and Single Premiums
These figures are based on a typical customer and your client should seek professional tax advice as the information given is a guideline only and does not take into account your personal circumstances.
This quote is based on the Complete Solutions 1 product with 96% net client allocation, 0.75% base AMC + 0.25% plan charge.
Gross fund growth of 4.3% per annum before charges; Premiums increasing by 2.5% per annum; Inflation rate of 2.5% per annum; These charges may change depending on the products and options chosen. The annuity rate used is a long term average rate and is not guaranteed.
This quote does not include the pension levy and exit penalties may apply on exit. You need to do a detailed quote if this is not the plan you wish to sell.
Under current legislation, the maximum pension fund allowed for tax purposes is €2,000,000. The relevant maximum will apply to the aggregate value of all pension provision held by an individual. Any fund in excess of this amount will be liable to a once-off income tax charge at the 40% rate on retirement.
This quote is produced on a Revenue maximum basis, which means that the assumptions used are those which result in the maximum contribution level acceptable to Revenue. This calculator does not include the strict 60th scale, and so for some clients with a large pension fund from previous employment and short potential service in their current employment may have further scope for pension contributions. It is particularly important that you review your client's pension plan on a regular basis to ensure that overfunding does not occur.
Employer Annual Premium
Tax relief is claimed in the company financial tax year in which contribution is made There is no option to backdate a contribution to a previous financial tax year.
Employer Single Premium
Tax relief equal to Employer total regular (annual) premium can be claimed in year contribution is made. Any excess is spread forward up to 5 years. There is no option to backdate a contribution to a previous financial tax year Spreading of Relief for Single Premium is calculated by dividing total employer single premium by total employer annual premium (i.e. total single and total annual for all employees).
If Annual Premium is increased to match Single Premium, the employer must intend paying this Annual Premium in future years (minimum of 3 AP's to be paid).
This quotation is valid until your client's circumstances change.
Information is correct as at May 2016.