technical-solutions

There are Revenue limits on the maximum pension that a scheme member can have, which means there’s a maximum fund that can be accumulated to reach this target pension. Our maximum funding calculator calculates the maximum contributions that can be paid to allow an employer and employee fund for that pension.

Simply fill in your client’s details including any existing pensions and our calculator will do the rest. The illustrative figures are based on the information input. If the information is not correct, the maximum funding position will be incorrect which may result in adverse tax consequences.

The calculator quotes the maximum ordinary and special contribution options. The figures illustrated in the contribution options include all ongoing employer and employee contributions already being paid in respect of this employment.

Read Maximum funding for pensions for more information on the different options on your client's maximum funding illustration.

Max funding calculator

Maximum funding for pensions

This calculator is intended for use by Financial Advisers only and is based on Standard Life’s understanding of the operation of the rules and regulations relating to maximum pension funding set out by Revenue. The illustration is provided as a guideline only and does not constitute financial advice.

Funding Opportunities

A pension is essential for your client’s long-term financial plan, both personally and for their company. It provides efficient tax relief and is one of the best ways of turning company profit into personal wealth.

Key benefits:

Savings on corporation tax as company contributions can be treated as a business expense
No benefit-in-kind, no income tax, PRSI or USC on company contributions
Early retirement - Your client can retire between age 60 and 70, or from age 50 if they are a 20% director and surrender their shareholding

As with all pensions, your client’s pension grows tax free, contributions qualify for tax relief and they can avail of tax free cash at retirement, subject to Revenue limits.

Read our Funding Opportunities for more ideas on which of your clients you should contact.

Funding at the point of retirement - John

Funding after age 70 (lump sum) - Keith

Funding after accessing benefits - Diarmuid

Funding after age 70 - Jane

Standard Life is open for QROPS business

If your client has worked in the UK at some stage of their career, they’ll probably have invested in a UK pension. Now that they’re back living in Ireland, they may wish to bring their pension home and have more control over their investment options, both now and when they retire. Please contact your Business Manager with any queries.