In order to qualify for tax relief, you must meet certain conditions to be eligible to join. L.I.F.E. Ireland’s Executive Pension Plan is open to employees, managers or directors, who are invited to join by their employer and are taxed under PAYE (schedule E). Usually, this means money you’ve earned from your employment.

If you were a member of a company pensions from a previous employment you are still eligible to join- assuming you met the conditions above.

If you are a member of an executive pension plan you cannot take out a personal pension plan or a PRSA, unless it is an AVC PRSA or unless you have a separate source of earnings, i.e. a separate job or income.

10 Good Reasons for taking out an L.I.F.E. Ireland Executive Pension Plan

• Generous tax concessions help you and your company all the way to retirement age.
• Your fund will be expertly managed by HSBC Global Asset Management (UK), the global fund management division of HSBC Holdings plc, one of the largest financial organisations in the world.
• Your benefits and contributions are protected against inflation.
• Your plan can change as your needs change. Apart from index linking, contributions can be increased or additional single contributions can be made to further enhance your benefits.
• You can transfer between funds.
• You can take part of your fund as a tax free lump sum. Depending on the length of service you can take up to 1.5 times your final salary as a tax free lump sum with the balance being used to provide you with a pension for life.
• You can take out life cover and protection against being unable to keep up contributions.
• You may wish to take early retirement. With the agreement of your company you can retire earlier with reduced benefits, at any time from age 50 onwards.
• Setting up an Executive Pension Plan is easy. The plan is set up by you and your employer completing a simple application form. The employer will act as trustee of the plan. However, for your protection the assets of the plan are completely separate from the company.
• Your pension is your future. Your Executive Pension Plan from L.I.F.E. Ireland ensures that when the time comes you can enjoy the benefits of financial independence.