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.
||Maximum contribution by age
|29 or younger
||15% of net relevant earnings
|30 - 39 years
|40 - 49 years
|50 - 54 years
|55 - 59 years
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 (at July 2014).
The remainder of your fund can then be invested in an Annuity or Approved Retirement Fund.