An executive pension plan is designed for those working in and running SMEs. It helps employees and employers get the most from their contributions.
What is an executive pension?
A Zurich executive pension is designed to help employees, company owners or company directors save for their retirement. Both employees and employers can avail of tax relief on their contributions.
Product features
- Choice - We offer a wide range of investment options, designed to meet your needs.
- Flexibility - You can increase your contributions, or make a one-off contribution, at any stage.
Employer contributions
With a Zurich executive pension your employer makes contributions towards your pension.
Who is this product for?
You don't have to be an executive to take out an executive pension plan. This plan is designed for employees and employers in small to medium-sized companies, who wish to save for their retirement.
Contributions
The maximum that can be paid into an executive pension plan, between the employee and employer, depends on the employee's earnings, service and any benefits from a previous employment. The maximum amount the employee can pay in depends on their age.
| Age | Maximum contribution by age |
|---|---|
| 29 or younger | 15% of net relevant earnings |
| 30 - 39 years | 20% |
| 40 - 49 years | 25% |
| 50 - 54 years | 30% |
| 55 - 59 years | 35% |
| 60 + | 40% |
When you retire
On retirement, you can take a tax-free lump sum of either:
- 25% of your fund, or,
- based on salary and service, to a maximum of 150% of salary.
The maximum tax-free lump sum you can take is €200,000.
The remainder of your fund can then be invested in an Annuity or Approved Retirement Fund.
The information contained herein is based on Zurich Life's understanding of current Revenue practice as at January 2023 and may change in the future.
