Pension FAQS
Filter By:
All Categories
Self-administered means that you can control funding and investment decisions. The administration of the scheme, such as the accounting and processing of investments, is performed by us as the Pensioneer Trustee. We offer a range of products including our ITC PRSA, ITC ARF and ITC Buy Out Bond.
You can transfer the value of other pensions to your self-administered scheme. Certain rules cover what type of pension can be transferred, depending on the type of self-administered scheme set up. We would recommend that you consult your financial advisor before taking action.
You can invest in a wide variety of investments to suit your personal circumstances. Examples include: cash, government bonds, property, stocks and shares and tracker bonds. These investments can be sourced from a wide variety of domestic and international institutions.
Yes, currently our ITC PRSA and ITC Buy Out Bond schemes are eligible for borrowing.
All investments must comply with Revenue rules. Revenue imposes two primary restrictions to investments. The first is Self Dealing: Your self-administered scheme cannot sell, lease to, or buy from yourself, your immediate family or your company / employer. The second is Pride in Possession articles: You cannot invest in certain alternative investments such as fine wines, vintage cars, works of art, yachts, race horses, etc.
All investments within your self-administered scheme must be at arm’s length, transparent and for the sole purpose of providing benefits at retirement. Otherwise, you run the risk of falling foul of Revenue regulations and jeopardising the tax-exempt status of the self-administered scheme.
Your contributions depend on your age and salary. You can use our calculator to get an indicative quotation of your maximum allowable contribution.
In the event of death, the balance of the self-administered scheme can be passed to your estate. There are various options depending on the self-administered scheme you hold. For example, in the case of an Approved Retirement Fund (ARF), it will pass depending on the terms of your will but with this type of scheme it is possible to pass the scheme to your spouse who can transfer the assets to a scheme in their own name. In the case of a Small Self-Administered Scheme (SSAS), a lump sum of up to four times your final salary plus a refund of any personal contributions can be paid to your estate. In some cases, this may absorb the full value of the scheme. If not, an annual income or an ARF for your dependants will be purchased with any surplus monies in the fund.
Our focus is on providing tax-efficient pension schemes to help you and your advisor to plan for your future retirement. We can provide a broad range of services to help you achieve your financial objectives. Our services include: Buy Out Bonds (BOB), Personal Retirement Savings Accounts (PRSA), Approved Retirement Funds (ARF), Pension Consultancy and Compliance Consultancy.
The Normal Retirement Age for a self-administered pension is 60. Early retirement can be taken from 50 to 59 subject to certain restrictions. The restrictions include ceasing employment and selling your shares if you are a company director.
For a PRSA, the latest retirement age is 75, but normal retirement at age 60 is also possible. In an early retirement scenario in a PRSA, for those aged 50-60, there is no requirement for a 20% director to relinquish their shares in a company, simply leaving employment from the linked employer will suffice.
We will act as your scheme's Pensioneer Trustee and ensure your scheme is administered in line with Revenue rules. Our Client Services Team will prepare annual accounts for your scheme and will work closely with you and/or your advisor to help you with any queries you have.
Contact us on (01) 661 1022 or your Business Development Manager to discuss.
Our focus is on providing tax-efficient pension schemes to help advisors plan for their client’s retirement. We can provide a broad range of services to help you and your clients achieve their financial objectives. Our services include: Buy Out Bonds (BOB), Personal Retirement Savings Accounts (PRSA), Approved Retirement Funds (ARF), Pension Consultancy and Compliance Consultancy.
Contact us through service@itcgroup.ie or call 01 661 1022 for further information on our services and products.
First, refer to your scheme's trust deed and establish who has the power under the deed to appoint a new trustee to your scheme. This is often an employer power. A deed of appointment must then be drafted and signed, to formally appoint the new trustee to the scheme. Once the deed is fully executed, the Pensions Board and Revenue will need to be advised of the new appointment.
To organise the appointment of Independent Trustee to your scheme, please contact us by email info@trustee.ie or call 01 661 1022.
Our fee is based on the type of scheme. To get a specific quote for your scheme, please contact us.
We are independent trustees with no affiliation to any service providers.
We take a hands-on approach to trusteeship. We will review all claims, transfers, and retirements, etc before finalising.
We hold at least two trustee meetings yearly. We like to meet with the administrator, investment manager, and employer and member representatives every six months to ensure the smooth running of the scheme. Depending on the size of a scheme or if unusual issues arise (such as a death claim or funding proposals), more frequent meetings may be needed, which we are happy to accommodate.
We are glad to meet with members or other parties to discuss any matters that arise. We strive to keep the lines of communication open.
We always look for the practical solution to any issues that arise.
We have excellent staff with both pensions expertise and years of experience working in the area of trusteeship.
When a decision is to be made, the first point of reference is to the scheme’s trust deed. This will usually clarify who the decision-maker is in that particular circumstance. Where the decision rests with the trustee and the independent trustee is the sole trustee, they should firstly consult with all relevant bodies and, where appropriate, look for expert advice before making a decision. Where the independent trustee acts as co-trustees, they should do the above in conjunction with their co-trustees and then put the decision to a vote. If there is an impasse, the chair of the trustees may often have a casting vote under the deed. The trustees should ensure that a practical solution is decided on. They should also ensure that all decisions are documented along with the reasons for arriving at the decision. This is normally done through minutes.
An independent trustee is generally paid by the employer, but can also be paid from the scheme funds.
We assess the administrators performance on a quarterly basis analysing all scheme events. We monitor the procedures in place to make sure they are still working. If they are not, we work with the administrator and employer to find a solution.
We maintain a log of all our schemes, which records all the key dates and reporting requirement deadlines. This is reviewed at the start of each month. Regular reminders are issued to ensure that reports, statements or valuations are prepared on time and reviewed, for information and compliance purposes. We work with the scheme actuary, risk manager, administrator, auditor or investment manager to produce these documents.
We keep up to date with all legislative, regulatory and best-practice changes. We do this by monitoring government, industry and media sources.
We can act as co-trustees with other trustees. These can be the existing, new or member trustees. We can also provide a director to be appointed to a trustee company established by the employer company.
In working with the other service providers to the scheme, such as an investment manager, actuary or administrator, we ensure that procedures are in place for all the regular and ad-hoc events that arise on pension schemes.