If you’re married your husband or wife could pay into a personal pension for you. But you don’t have to be married or in a civil partnership for one person to pay into the other’s pension.
What is an occupational pension contribution?
An occupational pension is a pension scheme provided by your employer. An occupational pension is paid on top of your state pension and the contributions you pay to an occupational pension scheme are separate from and on top of the national insurance contributions you pay for the state pension.
What are the benefits of an occupational pension?
Occupational pension schemes can offer aspects of both defined benefit and defined contribution schemes. This means that you can predict a certain amount of income, as in a defined benefit scheme, whereas the remainder will vary as it will be subject to defined contribution rules.
What’s the maximum amount you can make from an occupational pension?
There is a limit of €200,000 on the amount of the tax-free retirement lump sum. Lump sum payments are taxed as follows: The maximum tax-free lump sum payment from an occupational pension is 1½ times your final salary and this amount is dependent on having a certain number of years’ service.
Are there any occupational pension schemes in Ireland?
In general, large employers in Ireland have occupational pension schemes, but many smaller employers throughout the country do not. Each pension scheme has its own set of rules. Pension schemes nationally are generally regulated by the Pensions Authority. Members of schemes have certain rights in respect of such matters as information.
Is it legal for an employer to provide an occupational pension?
There is no legal obligation on employers to provide occupational pension schemes for employees. However, more and more employers are putting schemes in place and there is positive government encouragement to do so. An occupational pension is one that is provided by an employer. They are also known as company or employers’ pension plans.
