Smart Financial

Master Trust vs. PRSA: Which pension is right for YOU as a Company Director?

Confused about the best pension option for company directors? You're not alone! 🤷‍♂️

Both Master Trusts and PRSAs offer benefits, but which one suits your needs? 🤵💼

Here's a quick breakdown: 🔎

Master Trust: Offers a traditional pension structure with potentially higher lump sums based on salary and service. However, contributions are subject to limits.
PRSA: Provides more flexibility and potentially higher contribution limits (up to €2 million standard fund threshold). However, the maximum tax-free lump sum is capped at 25%.

** Still unsure? ** 🫤

Don't sweat it! A financial advisor can help you navigate the options and choose the best fit for your retirement goals. 🅰️ or 🅱️

Follow the link to learn more about the pros and cons for each option 👉 https://www.smartfinancial.ie/master-trust-or-prsa-for-company-directors/

hashtag hashtag hashtag hashtag hashtag

P.S. Share this post with your fellow directors to spread the knowledge!

According to the Central Statistics Office (CSO) survey on pension coverage in Ireland (2023), they found some concerning trends:

1️⃣ More people relying on the State Pension: 🏛 💶

The percentage of workers without private pensions who rely solely on the State Pension after retirement increased to 59%. This is concerning because the State Pension provides a low income, around €14,400 annually, which might not be enough to live on comfortably.

2️⃣ Overall pension coverage remains low: 📉

Only 68% of employees have any kind of pension plan in addition to the State Pension.

3️⃣ Young workers least covered: 🤯

Pension participation is lowest among young adults (20-24 years old) at just 33%.

4️⃣ Average Retirement Pot: 😑

A 2024 study by the Pension Support Line found that the average Irish employee retires with a pension pot of €111,000, which is significantly lower than the €433,000 that most employees believe they would need for a comfortable retirement. This highlights a potential shortfall in retirement savings for many Irish workers.

Overall, the survey highlights a potential issue for retirement security in Ireland, particularly for those without private pensions and young people just entering the workforce.

It's crucial to consider adequacy. The State Pension alone might not be enough to maintain your desired standard of living in retirement.

Here are some takeaways:

Start Early: 🐣

The sooner you start saving for retirement, the more time your money has to grow. Even small contributions can make a big difference over time thanks to compound interest.

Understand Your Options: 🅰️ or 🅱️

There are various private pension plans available. Research and choose one that aligns with your risk tolerance and retirement goals.

Talk to an Expert: 🗣️🧑‍💼

A financial advisor can help you assess your retirement needs and develop a personalized savings plan.

📞 01 253 3242

📩 [email protected]

Leaving Your Job and Accessing Your PRSA: Let's Test Your Knowledge! 🧠🤯

Are you thinking of leaving your job? 🚶‍♂️💨🏢
You may be surprised at when you'll be allowed to access your PRSA.

Take a second to answer the quiz below 👇
**Let us know the reason behind your answer in the comments! **

P.S. This is just a quick quiz to spark discussion. Pension rules can be complex, and the best course of action is always to consult with a qualified financial advisor who can help you navigate your way through PRSA's relative to your situation.



P.S. Share this quiz with your fellow PR peeps! ️🗣️

Moving on Up? Don't Leave Your Retirement Behind! 💼💰

Congratulations on the new opportunity! 🙌 But before you head out, did you know you might be able to transfer your existing pension to a Personal Retirement Bond that you can onw personally?

We understand navigating pension transfers can be tricky. That's why we offer employees pension transfer solutions. 🙂👌

Our dedicated team can help you:

1️⃣ Understand your transfer options
2️⃣ Avoid potential tax implications
3️⃣ Ensure a smooth transition for your retirement savings

Don't cash out! 🚫 Cashing out your pension could mean missing out on valuable growth and future benefits. Let's help you make an informed decision!

Get in touch with our advisors today!
📞 01 253 3242
📩 [email protected]
🌐 https://www.smartfinancial.ie/what-happens-to-my-pension-when-i-change-jobs/

Company Directors: Tax Time Hacks & Building Wealth with a Pension!

Feeling the tax pinch? As a director, a company pension can be your secret weapon to minimize tax and maximize your wealth for retirement!

Here's the lowdown:

Tax Relief:
Reduce your company's tax bill by contributing to your pension. It's a win-win! ✅

Maximize Savings:
No contribution limits - sock away more for a comfortable retirement.

Investment Growth:
Grow your savings tax-free within the pension, accelerating your wealth.

Retirement Flexibility:
Access your funds at retirement, with some tax-free options available. ️

Company Director Options: 🅰️OR🅱️👇
https://www.smartfinancial.ie/directors-pension-ireland/

Extract profits from your company tax-efficiently: 💰👇
https://www.smartfinancial.ie/extract-profits-from-your-company-tax-efficiently/

PRSA Opportunities for Directors: 🔎👇
https://www.smartfinancial.ie/prsa-opportunities-for-company-directors-in-2024/

**Not sure if a Master Trust or PRSA is right for you? **

Don't sweat it! A financial advisor can help you choose the best option based on your goals.

📩 [email protected] 📞 01 253 3242

Calling all Girls in Green! ⚽️🍀

Want to roar on the Republic of Ireland as they take on Sweden in a crucial Women's European Championship Qualifier?

We're giving away 2 FREE TICKETS to the match at the Aviva Stadium on Friday, May 31st!

TO ENTER:
1. Like this post. 👍
2. Follow us on Facebook & Instagram. 🚶‍♀️🚶‍♂️
3. Tag and mention a friend in the comments who would love to join you at the game! 🗣️

Bonus entry: Share this post to your story!

Entries close on Wednesday evening (29/05/2024). The Winners will be announced Thursday, May 30th.

Good luck!

Feeling Lost with Your Money? 5 Budgeting Hacks to Help! 📟👌

Stop living paycheck-to-paycheck! These 5 easy budgeting tips will get you on track to financial freedom: 💸

1️⃣ TRACK YOUR SPENDING:
🤯 Mind blown! You won't believe where your money is going until you track it! Download a budgeting app or use a simple spreadsheet to see what you're spending for a month.


2️⃣ SEPERATE NEEDS VS WANTS:
🍔 Treat Yourself - Later! Distinguish between NEEDS (rent, food) and WANTS (fancy coffee, new clothes). This will help you prioritize your spending!


3️⃣ SET SAVINGS GOALS:
💰 Dream Big, Save Smart! Set a savings goal for something you truly want - a vacation, a down payment, etc. Seeing your progress is motivating!


4️⃣ EMBRACE THE "NO SPEND" CHALLENGE:
📵 Can You Do It? Take the "No Spend Weekend" challenge! Avoid unnecessary purchases for a weekend and see how much you save.


5️⃣ AUTOMATE YOUR FINANCES:
⏰ Set It & Forget It! Automate your finances - schedule transfers for savings & bills to avoid missed payments & late fees.


Did you find these useful? Click the link below for the Bonus Tip!🔗📝👇
https://www.smartfinancial.ie/5-powerful-budgeting-hacks/

Do you want to start planning your finances better? Book a meeting with one of our financial advisors over a coffee ☕ to discuss putting a plan together! 📞 01 253 3242 📩[email protected]

Cohabiting Couples & Inheritance Tax in Ireland: Let's Test Your Knowledge! 🧠🤯

Are you and your partner in a committed relationship but not married? 💍🚫
Inheritance tax rules can be different for cohabiting couples.

Take a second to answer the quiz below 👇
**Let us know the reason behind your answer in the comments! **

P.S. This is just a quick quiz to spark discussion. Inheritance tax can be complex, and the best course of action is always to consult with a qualified financial advisor familiar with Irish tax laws, who can help you navigate the legalities and develop a plan to minimize your tax burden.

If you are feeling adventurous, take a look at our Case Study below 📝
https://www.smartfinancial.ie/avoiding-inheritance-tax-for-cohabiting-couples-in-ireland/

Meet Sarah, who retired comfortably at 65 and is living the dream thanks to starting her pension early. 🍾🥂🎉

While her friends focused too much on enjoying their disposable income, Sarah understood the long-term benefits of early pension planning and took control of her future by starting her pension contributions in her 20s.

Here's how it transformed her retirement: 👇
https://www.smartfinancial.ie/the-power-of-early-pension-contributions/

Thinking about retirement? Don't wait! ⏰

Research pension options, start small, and increase contributions as your income grows. Your future self will thank you! 🙏

CASE STUDY: 🔗📝
https://www.smartfinancial.ie/the-power-of-early-pension-contributions/



P.S. Share your own tips for early retirement planning in the comments!

Financial security is a top priority for many. But how do you balance building wealth for yourself with ensuring your dependents are taken care of? 👨‍👩‍👦‍👦🛡

We'd love to hear your thoughts on this important topic: 💭

When it comes to leaving financial resources behind for your dependents, which approach resonates most with you?

A) Focus on maximizing my own net worth first. My dependents will inherit eventually.
B) Prioritize leaving a legacy for my dependents. I'm comfortable sacrificing some personal wealth for their future.
C) Strike a balance. I want to build wealth while also ensuring my loved ones are financially secure in case of something unexpected.

Please vote and share your thoughts in the comments below! 📊👇



P.S. Financial planning is a personal journey. There's no one-size-fits-all answer.

Heads Up, Employers! Auto-Enrolment is coming to Ireland! ⏱️🍀
Is your business ready for this?

Auto-enrolment (AE) is set to launch in 2025, impacting employees and their employers. Here's a quick prep guide to get you started:

UNDERSTAND THE SCHEME: 🔎📃
AE will automatically enrol eligible employees (aged 23-60, earning €20,000+) into a pension scheme, with contributions from them, you (the employer), and the government.

REVIEW YOUR PAYROLL: 🏢💶
Discuss with your payroll team the necessary adjustments for AE, including automatic deductions for enrolled employees, budgeting, and factoring in the contribution costs associated with your chosen system.

COMMUNICATE CLEARLY: 🗣️📢 👨‍💼👩‍💼
Inform your employees about AE, its benefits, drawbacks, and their opt-out options. Clear communication is key!

DECIDE ON A SCHEME: 🤔
Will you adapt to the new AE scheme or start your own pension scheme? Analyze costs and consider seeking professional advice.

Start planning now to stay ahead of the curve! Do some digging... 🔎👇
👉 https://www.smartfinancial.ie/auto-enrolment-pensions-in-ireland-update/ 🔗

The global economic situation is throwing some curveballs. Let's discuss how it might affect investment decisions in Ireland! 🤔

Inflation, interest rates, and geopolitical tensions are all playing a role in the current economic climate. These factors can significantly impact investment decisions. 📈📉🤷‍♂️

** What are your thoughts?**

➡️ Will Ireland's stability within the Eurozone attract more investment?
➡️ Are rising costs and inflation a concern for potential investors?
➡️ Will investors take a wait-and-see approach due to economic uncertainty?

What is your primary concern about the current economic climate and its impact on your investments in Ireland? 📊

a) Inflation
b) Recession
c) Interest Rates
d) Geopolitical uncertainty

Join the conversation! Share your insights and let's navigate this dynamic investment landscape together. 📝👇

Planning on bringing your UK pension back home to Ireland? ✈️ 🏠💰

Let's make it hassle-free and rewarding.



How does it work?



➡️ Eligibility: Irish residents under 70, thinking of moving back or already made the leap? You're in! 🍀

➡️ QROPS Magic: Qualified Recognised Overseas Pension Scheme (QROPS) Buy Out Bond - your ticket to control and convenience! 🎟️💼



Why QROPS?



● Control: Be the boss of your pension investment!

● Tax Perks: Avoid potential UK tax charges with a tax-free transfer!

● Convenience: Plan to retire in Ireland? Keep things smooth with a local Financial Advisor!

● Inheritance Ease: Simplify for your beneficiaries, especially if they're not UK-based.

● Standard Fund Threshold: Stay tax-savvy - your transferred pension doesn't count towards the Irish limit!



Curious about the perks and how it fits YOUR story? Let's grab that coffee! ☕️Comment below or shoot us a message to book your appointment!

Let's make your pension move a breeze!

📩 [email protected]

📞 01 253 3242

👉 https://www.smartfinancial.ie/how-to-transfer-my-uk-pension-to-ireland/

Are you aware of the upcoming Auto-Enrolment pension scheme in Ireland? 🤔

While it's a great initiative to get people saving for retirement, it might not be the only option for everyone.

Here's why you might want to consider building your own pension:

1️⃣ Investment Choice: 📊🔎
Auto-Enrolment offers a default investment option, but you might have a higher risk tolerance or specific investment goals. Building your own pension allows you to choose a plan that aligns with your needs.

2️⃣ Control & Flexibility: 📈🎯
With a personal pension, you have more control over your contributions and can adjust them as your income fluctuates. Auto-Enrolment contributions have a set schedule.

3️⃣ Early Retirement: ⌚🥇
If you plan to retire earlier than the State Pension age, a private pension can help bridge the gap until you qualify for state benefits.

Auto-Enrolment still offers good benefits, including employer and government contributions! However, it's wise to explore all your options.

Speak with a financial advisor, and decide what's best for your retirement goals!
👉 https://www.smartfinancial.ie/pension-auto-enrolment-ireland/
📞 01 253 3242

When it comes to insurance in Ireland, value is key. But with so many providers, who stands out? 🤷‍♂️

Which insurer in Ireland do you think offers the most value based on the factors below:

➡️ Proven track record.
➡️ Strong product options.
➡️ Competitive pricing.
➡️ Innovation.
➡️ Convenience.
➡️ Customer Service experience

👇👇👇👇👇👇

1. Zurich
2. Royal London
3. Aviva
4. New Ireland
5. Irish Life
6. Standard Life



Vote now and share your experience with these companies in the comments! 👇📝

Setting Investment Goals for 2024: What's Your Top Priority?

And just like that, we are already half way through April! 😲 However, its not too late to refine your investment strategy. But with so many options, where do you focus?

**Cast your vote in the comments section! ** 📝👇

What is your primary investment goal in 2024?

1. Grow my wealth for the long term (retirement, financial freedom)
2. Save for a deposit on a property
3. Build an education fund for my children/myself
4. Secure my financial safety net (emergency fund, income protection)
5. Unsure / Looking for guidance

Let's see what the top priorities are for our network this year!

P.S. Share your thoughts in the comments! What other investment goals are you working on in 2024? 🎯🤔

Check us out online 👉 https://www.smartfinancial.ie/services/savings-and-investments/

Early Retirement in Ireland: Is Your Nest Egg Big Enough?

Thinking of swapping spreadsheets for sea views? ⛵
Many professionals dream of an early Irish retirement, but how much does it really cost? 🤔

There's no single answer, but key factors to consider include your desired lifestyle, retirement age, and the state pension (available from age 66).

➡️ Rule of thumb: Aim for around 50–75% of your pre-retirement income. For example, taking 75%, if you earn €70,000 now, you might target €52,500 annually in retirement.

➡️ But how much in your pension pot? A 4% withdrawal from your pension pot each year is a safe percentage that helps to protect you from depleting your pension too quickly.

➡️ So, with a desired income of €52,500, you'd need a pot of €1,312,500 (€52,500 / 0.04).

Remember, this is a simplified example. Don't forget to factor in the state pension, your existing plans and arrangements, and your own requirements!

** Want a more personalized estimate?** Book a call with our financial advisors 📞 01 253 3242 or check out our post 📝👇 https://www.smartfinancial.ie/early-retirement-in-ireland-how-much-is-enough/

Early retirement in Ireland is achievable, but planning is key!

🚀 Turning Pensions into Property Portfolios!

Bored with traditional pension plans? Spice it up with Property Pensions! 🏰

💸 Learn how to use your pension fund to unlock a world of property opportunities and tax benefits!

🌟💼 Check our website, book an appointment, let’s grab a coffee and we can discuss it!

👇
https://www.smartfinancial.ie/schemes/using-your-pension-fund-to-buy-property/

Curious about Mortgage Protection and how it safeguards your home sweet home? Let's break it down, quick and easy! 🏠💰 Let’s dive in:

What is Mortgage Protection?

● It's your mortgage's trusty sidekick! A decreasing life cover that pays off your mortgage if the unexpected happens. 🦸‍♂️🔍


Cost-Effective Coverage:

● The budget-friendly superhero of life insurance! Premiums decrease as your mortgage balance does. 💸✨


Why It Matters:

● It's not just important; it's a must! Protect your family from the financial weight of an outstanding mortgage in case of the unexpected. 💪💼

Switching Game:

● Ready for a change? You can switch your Mortgage Protection policy at any time! Save big with an impartial Insurance broker for a pocket-friendly plan. 🔄💡


Curious about your Mortgage Protection options? Comment '🏡' or book your appointment to one of our wonderful advisors! 📩✨

👉 https://www.smartfinancial.ie/services/mortgage-protection/

Good morning, ladies & gents 👋

Ireland’s largest homeowner exhibition, the PTSB Ideal Home Show is back this Spring!

Come join us Join us at our stand T65 at the RDS Simmonscourt from 26th – 28th April in Dublin where our Financial Advisors will be giving consultations and talking on everything Pensions, Life Insurance, and Investments.

FREE TICKETS are available for a limited time here 👇
https://www.eventbrite.com/e/the-ptsb-ideal-home-show-tickets-809094432227?discount=IDEAL

Visit the PTSB Ideal Home Show for a weekend packed full of the inspiration, expert talks and advice, demonstrations, exciting show highlights and hundreds of exhibitors, all under one roof.

TOPICS:

💼 Employer & company director pension solutions.
📈 Wealth maximisation strategies using PRSA’s and Master Trust pensions.
💰 Tax-efficient wealth (cash) extraction from the company.
👨‍💻 Self Employed financial planning.
✈️ UK pension transfers.
🚶‍♂️💨🏢 Workplace pension transfers (pension options when changing jobs).
🏠💶 Purchasing property through your pension.
💰🔎 Retirement options.
🥬 ESG Investment options
🛡️ Income protection
🛡️ Mortgage protection
🛡️ Inheritance tax planning
🛡️ Life Insurance

We look forward to seeing you there!

Navigating Pension Transfers: Your Path to Benefits! 💼💰

Ready to unlock the perks of Pension Transfers? Whether it's a new job or streamlining multiple pensions, let's make it work for you! 💬

Key Insights:

● Leaving a job? 🔍💼
Take your pension benefits along! Whether it's your new employer's scheme or a shiny Buy Out Bond in your name, we've got options!

● Seeking Better Returns? 📈💶
Is your current provider offering lackluster returns? Explore options with a wider range of investment choices.

● Multiple Pensions? 💰💰💰
Let's talk consolidation! Bringing those pensions together might be the game-changer you need. 🔄💡


● Fees Eating Away at Your Future? 💥📉
High fees can significantly impact your retirement nest egg. Consider transferring to a provider with lower costs.

● Early Access Ambitions? 🕰️🚶‍♂️💨🏢
Some transfer options offer earlier access to your pension pot, depending on your goals.

● Curious about the best move for YOU? Chat with our friendly Pension Advisors! They'll tailor advice to fit YOUR story. 🤝💬


Your transfer journey is as unique as you are! Let's dive into YOUR circumstances and make those benefits work in your favor! 💡

Comment '💼' or drop a message to start your tailored pension chat! 📩

Or take a more detailed look at your options 👇
https://www.smartfinancial.ie/what-happens-to-my-pension-when-i-change-jobs/

Thinking about where to park your hard-earned pension pot? Look beyond traditional options and consider Malta's Qualified Recognized Overseas Pension Scheme (QROPS).

Here's why Malta's QROPS could be your retirement game-changer:

1. Tax Efficiency:
Avoid double taxation with Malta's extensive double tax treaty network. Plus, benefit from flexible drawdown options and potentially lower tax rates on your pension income.

2. Early Access:
Unlike many countries, access your pension benefits as early as 50 (subject to residency requirements). ️ More time to enjoy the Mediterranean lifestyle!

3. Investment Flexibility:
Invest your pension pot in a wider range of assets, potentially maximizing your returns.

4. Lifetime Allowance:
Unlike Ireland, where there is a €2 million pension fund cap with amounts in excess of this being taxed at 40%. There is no such cap and lifetime allowance restrictions on your pension pot in Malta.

5. Security and Stability:
Malta is a full EU member with a strong regulatory framework, ensuring the security of your pension.

6. Estate Planning:
An increasing reason why people are considering moving assets to Malta is due to estate planning opportunities and asset protection, which can be particularly important for those with high net worth or complex financial situations (refer to our link).

Intrigued? Chat with our financial advisors to see if a Malta QROPS aligns with your retirement goals.

👇

01 253 3242
[email protected]
https://www.smartfinancial.ie/pension-transfers-to-malta/



P.S. Did I mention the beautiful weather and vibrant culture in Malta?

Have you been putting off your pension?

Here’s some motivation to get you started with one:

1. Beat Inflation: 📈

Over time, the cost of living increases due to inflation. Your pension helps your savings stay ahead of inflation, ensuring your retirement income maintains its purchasing power.

Starting a pension early also allows you to take advantage of the power of compounding growth in your pension investment. The earlier you start contributing to your pension fund, the more time your money gets to benefit from tax free compounding returns.

2. Tax Relief: 💶

The Irish government incentivizes pension saving through tax relief. You can essentially reduce your taxable income by the amount you contribute to your pension, lowering your tax bill.

3. Employer Matching: 💼

Many employers in Ireland offer matching contributions to their employees' pensions. This essentially means they contribute additional funds based on your contributions, boosting your retirement savings. And if that’s not enough, you can also make use of Additional Voluntary Contributions (AVC’s)!

4. Secure Your Future: 💰

The state pension alone simply won’t be enough to maintain your desired lifestyle in retirement. Having a private pension helps supplement the state pension and provides a more comfortable retirement.

5. Control Your Retirement Age: 🎮

Unlike the state pension with a fixed retirement age, private pensions offer more flexibility. You can choose when to retire based on your financial needs and preferences.

6. We’re all living longer: 🦾

Living longer certainly sounds appealing, as it gives us more time to accomplish our goals in life like visiting the places we’ve always wanted to and enjoying our everyday hobbies. Although positive, this also brings with it the challenge of having enough financial resources to see it through.

Retire like a boss, not a busker! 😎

Learn about your pension options today! 📞

01 253 3242
[email protected]
🤓👉 https://www.smartfinancial.ie/top-reasons-to-start-a-pension-in-reland/

Have you moved to Ireland and are considering moving your UK pension as well? ✈️🎟️

If you have worked in the UK you would have probably built up pension benefits. If you are planning to move back to Ireland, or if you have already done so, you can transfer your UK pension to Ireland by way of a Qualified Recognised Overseas Pension Scheme (QROPS) Buy Out Bond.

This is a reliable scheme that gives you more control over your investment options, both now and when you retire. 🎯

It is ideal and more convenient to have your pension in your country of residence and in your exchange rate to avoid currency risk. 💶

In addition, by having your pension in Ireland, you can avoid the increasing possibility of bureaucracy in the UK that involves future financial circumstances such as Inheritance Planning. 👌

Speak with a Financial Advisor to discuss your current situation and options...📝👇

https://www.smartfinancial.ie/how-to-transfer-my-uk-pension-to-ireland/

Have you been made Redundant?

Going through a Redundancy can be a challenging time, especially when you’re trying to figure out your next moves.

What you need to know:

1. Understand your rights and entitlements with your redundancy payment.

2. You may be eligible for a tax-free statutory redundancy payment if you have been employed with your company for two or more years.

3. If you receive extra payments from your employer (Ex Gratia payments) or an Enhanced Transfer Value, the redundancy options you choose could also significantly impact the tax-free lump sums from your pension.

4. Getting professional advice will help ensure the tax treatment of your redundancy lump sum is correct. You can then avoid options that could deteriorate your pension tax-free cash and income.

5. Your redundancy package needs to be assessed and calculated individually, depending on your specific circumstances (average annual salary & years of service).

Get in touch with our Financial Advisors to ensure that you make the most tax-efficient choice.

By emailing over your options to [email protected], we will arrange a consultation with one of our advisors who can talk to you on your options and go through different scenarios with you to make sure that you choose the correct option.

Cancer survivors are now assured access to mortgage protection insurance, thanks to the new code of practice.

If you are applying for a new mortgage protection policy, you will not be penalised for your previous cancer diagnosis if you are now in complete remission and have finished treatment (and subject to certain conditions).

If you have an existing policy, you can now shop around and quote for a better price.

Follow the link to get a quote today 🔗
👉 https://www.smartfinancial.ie/mortgage-protection-after-cancer-in-ireland/

Smart Financial Insurance Limited trading as Smart Financial is regulated by the Central Bank of Ireland.

If you have moved jobs, don't forget about your pension!

Take a quick squiz at your transfer options and let us know if you would like to speak with a Financial Advisor for advice on how to go about it and which options are best suited to you.

👉 https://www.smartfinancial.ie/what-happens-to-my-pension-when-i-change-jobs/