Lavelle Partners have been advising individuals and employers in relation to pensions and benefits for over 30 years. As such, we understand both the legal aspects of pension and benefits provision within Ireland and can advise you regardless of whether you are in the private or public sector. Because we advise business and organisations on pension and benefits matters, we are best placed to represent and guide employees too. In Ireland, pensions are regulated by the Pensions Authority; a statutory body set up under the Pensions Act, 1990.
What are my pension options in Ireland?
Retirement
pensions are a vital ingredient in ensuring you have sufficient funds for when
you no longer work. There are three main
types of pensions available in Ireland:
- Occupational pensions: Many employers now have pension
schemes in place which are available to employees. Not only do occupational pensions provide a
tax efficient way of saving for retirement, but you will also typically benefit
from the contribution of your employer (depending on the type of pension – see
below). These generally work on a
defined contribution (DC) model, whereby the amount available at retirement is dependent
on how much has been accrued.
- Personal pensions: These include Personal Retirement
Savings Accounts (PRSA) (see below) and Retirement Annuity Contracts (RAC)
(otherwise referred to as a private pension).
- Public service pensions: for civil and public servants.
Does my employer have to provide an occupational pension?
In Ireland, there is currently no legal requirement for an employer to provide an occupational pension to workers. However, if they do not, they must ensure you have access to a Personal Retirement Savings Account (PRSA). If they do provide an occupational pension, it may be either contributory (whereby you and employee make contributions), or non-contributory (whereby only you make contributions).
What is a PRSA?
PRSAs are
administered by a range of authorised providers and provide an effective way to
save for retirement by benefiting from tax relief and investment returns. PRSAs are open to anyone regardless of their
employment status and can be carried from job to job without restriction. You can hold both an occupational pension and
PRSA concurrently.
Payments are typically deducted automatically from your salary by your employer, however, they are not required to contribute to your PRSA.
How Lavelle’s employee pensions and benefits Solicitors can assist you?
- Our team of employment law Solicitors, headed by Senior Partner, Marc Fitzgibbon, has been assisting employees for over 30 years in relation to pension and benefits matters, and as a result, has developed a robust reputation nationally for achieving excellence in this area of law.
- Marc is a former member of the Law Society of Ireland’s Employment & Equality Law Committee and the European Employment Lawyers Association.
- Lavelle Partners work in all areas of law (including employment law and taxation), allowing our specialist departments to collaborate to ensure you receive the best available advice in relation to pensions and benefits.
- We can assist with any aspect of employee pension and benefits including advice, disputes, negotiation, and employment contracts.
Our partnership with Talbot Pierce
Lavelle Partners
work with Talbot Pierce to provide a seamless service in respect of Human
Resource Management. Talbot Pierce are a
team of specialist HR professionals who work with us on a range of matters including
advice on and delivery of conflict/dispute resolution solutions, best-practice
HR strategies, policies and procedures.
For further
information on employee pensions and benefits in Ireland, please contact
Lavelle Partners in confidence on (01) 644 5800.
