Supercharge your pension with your next bonus

You've worked hard all year and been rewarded with a bonus. Wouldn't it make sense to use that extra money to maximum benefit to you? This article will look at how you can use your bonus to add to your pension pot and how you can benefit from tax relief. 

How it works

Instead of taking your bonus as cash (and paying tax on it), you can choose to  pay it directly into your pension. This approach, sometimes called ‘bonus  sacrifice’ means:  The bonus goes straight into your pension pot.  You pay less tax. Your pension savings grow faster - at no extra cost to you. 

Why it matters

Using your bonus in in this way maximises your tax relief. You keep more of your earnings for the future instead of losing a chunk to the taxman today. 

The benefits 

• Immediate tax savings
• A bigger pension pot for retirement
• A simple way to make your bonus or commission work harder 

What’s next?

You may be able to choose to invest some or all of your bonus into your pension. 

Talk to your HR team or Zurich Corporate Consultant or email customerservices@zurich.ie to find out how to redirect your next bonus payment into your pension. They’ll explain the steps and show you exactly how much you could save. 

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (expressor implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.