The Rules Surrounding Personal Pension Plans in Ireland

August 31, 2009 8:35 am admin 152

The majority of Personal Pension policies are Life Assurance policies, but unlike standard insurance policies, the contributions made to Personal Pension Plans attract tax relief as long as certain conditions are met.The usual pension plan agreement would involve a client investing their pension contribution, normally on an annual or monthly basis, with a Life Assurance company. The contributions are then invested in a pension fund(s) and the pension holder will claim tax relief direct from Revenue.To be eligible to take out a Personal Pension Plan, you must be a self-employed person in receipt of earned income or an employee who is not part of a Company Pension Scheme.