Pensions

Pensions

Coming to Retirement we all worry about how we will make ends meet. Here at Cummins Insurances, we can make this easy for you by finding the best suitable Pension Plan for you.

There are three types of Pensions. These are…

1. Occupational Pension Scheme
2. Personal Pension Plan
3. Personal Retirement Saving Account (PRSA)

1. Occupational Pension Scheme

This plan is an arrangement set up by an employer to produce retirement benefits for one or more of it’s employees.

2. Personal Pension Plan

This is also known as a retirement annuity policy. These policies are issued by many different life assurance companies, which we at Cummins Insurances deal with.

You can build up your retirement benefits by either contributing a once off single premium or paying into your plan on a regular basis.

You can start your own Personal Pension Plan today if you…

  • Have a source of taxable relevant earnings
  • Are in a non pensionable employment
  • Are self employed

You may only withdraw the benefits of your Personal Pension Plan when
you are age 60 or anytime after. However, you must do so before age 75.
You may withdraw your benefits of your Plan before age 60 in the event of an illness which deems you incapable of carrying out any occupation similar to their own. Your benefits may also been drawn from your Plan if your occupation is one where the retirement age is normally before age 60, e.g. Fireman, Jockey.

Personal Retirement Savings Account (PRSA)

This is very similar to a Personal Pension Plan but it is owned personally
by the individual. Contributions into a PRSA can be made by the individual or the individuals employer or both.
To be eligible to set up a PRSA you must be either self employed or in a non pensionable employment.

If you are interested in starting your retirement plans to secure your future financially, call us today to arrange your FREE meeting.

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