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Pensions Frequently Asked Questions

Pensions FAQ's

Company / Executive Pension FAQ's


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How much can I contribute?

There is no upper limit on the contributions that you can pay into your Freeway personal pension plan, but there is an upper limit on the amount of contributions for which you can obtain income tax relief.

In what Freeway funds can I invest?

You will have access to the full range of QUINN-life funds. Your pension contributions can be invested in one or split across a variety of funds.Go Up


What is the duration of my Freeway personal pension plan?

The duration of your policy will be determined by the date on which you take your retirement benefits. This can be anytime between age 60 and age 75, although in certain circumstances, you may be able to take your benefits before age 60.Go Up


Can I cash in my Freeway personal pension plan?

You can only receive cash benefits under your policy when you have reached retirement age. For most people, the earliest retirement age is 60. However, for people in certain jobs and professions, where it is normal to retire before the age of 60, the Revenue may agree to an earlier retirement age. You may be able to receive your benefits earlier than your retirement age if you have to retire due to ill health.Go Up


How can I take my retirement benefits?

You can take up to 25% of the value of your retirement fund as a tax-free lump sum (subject to a maximum tax-free lump sum of €200,000), and use the rest for either option 1, 2 or 3:

Option 1 : you can purchase an annuity, i.e. a regular pension that will be paid for the rest of your life. It is possible to arrange for this annuity to increase at a particular rate each year and also for a further annuity to be paid to your spouse and / or dependents if you die during retirement.

Option 2: you can take a cash sum and pay tax on it.

Option 3: you can invest in an Approved Retirement Fund (ARF) and draw income from it when you need to, or keep it and pass it on to your dependents.

Options 2 and 3 can only be taken if you already have a guaranteed income for life of at least €18,000 p.a. If not, then you must either use €119,800 of your fund to purchase a regular pension annuity or to invest in an Approved Minimum Retirement Fund (AMRF). The original capital in the AMRF cannot be drawn down until you reach 75 but the growth on the AMRF can be drawn down at any time. You don't have to decide now which of these options you want to take. You can leave that decision until you actually retire.Go Up


Can I have my personal pension with more than one pension provider?

Yes, you may. The limit on the tax relief to which you are entitled will be applied to the total contributions that you make to all pension providers.Go Up


Can an employer contribute to a QUINN-life personal pension plan?

Yes, if an employer pays contributions to a personal pension, the employee will be taxed on these as a benefit in kind. The employee can then claim income tax relief on these contributions as if he or she had paid the contributions.Go Up


How do I claim tax relief?

When you take out a Personal Pension you receive an RAC (Retirement Annuity Contract) certificate after you start. You send this to your tax inspector. If you are self employed, your tax bill will be reduced when you send in your tax certificate with your annual returns.Go Up

Can I set up a company pension?

Yes, if you are a company director or sole trader.Go Up


What benefits are there for my employees if I start a company pension?

Tax relief is allowed on their contributions at their highest rate.
Contributions are invested in pension funds which allow tax free growth.
On retirement a tax free lump sum of up to 1½ times final salary can be taken (subject to revenue maximum limits).
The balance of the fund, after taking the tax free lump sum, can be used to buy an annuity.
The employee can choose the type of annuity.Go Up


What is an annuity?

This is a fixed amount of money paid each year until a particular event (such as a death). It might be split into more than one payment, for example monthly payments.Go Up


Where will the contributions be invested?

The full suite of Quinn Life funds are available to you when you start a company or executive pension. You can choose to invest in one or across a selection of funds.Go Up


How do I decide how much the company will contribute to the scheme?

Decisions on the rules specific to your company pension will be decided by you. Quinn Life will work with you to settle on the pension rules and obtain approval of your plan with the Revenue and also register the plan with the Pension Board.Go Up


Does the employer need to contribute?

Yes. In a company pension the employer must make a "meaningful contribution" to this scheme. This meaningful contribution can be taken to mean:

  • At least 10% of the ordinary annual contribution to the scheme, excluding AVCs, or
  • The costs involved in setting up, ongoing operating costs and the cost of any death in service benefits.
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