What is the best way for company directors (5%) to maximise the benefits of this legislation?
The best way to utilise this legislation is to set up a Small Self Administered Pension Scheme (SSAPS). The Scheme member then controls his own Fund with the following advantages: • Choice of Investment • commercial & residential property • land • publicly quoted share • shares in private companies (certain restrictions) • Reasonable costs clearly identified with no hidden penalties • Flexibility in contributions to match annual profits. Costs The approved Pension Board charges for a standard PRSA based on a contribution of €25,000 per annum over ten years is €25,250. This assumes that the growth on the fund over the period is sufficient only to cover the premium charge and annual fund management charge (1% Annual Fund Management Charge and 5% Premium Charge). The Trusteeship of a one member SSAPS based on the same contribution would cost a total of €13,875 over the same 10 year period with Newcourt Pensioneer Trustees. There is an additional cost incurred for the preparation of annual
