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Synergy Executive Pension |
Synergy Personal Pension |
Synergy PRSA |
Synergy PRSA AVC |
Synergy Buy Out Bond |
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|---|---|---|---|---|---|
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Can I apply for this policy?
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Your employer must set up the policy for you (before you are 70) and appoint trustees |
Yes, if you are self employed (and under age 75) or not in your employer's company pension scheme |
Yes, if you are under age 75 |
Yes, if you are in your employer's company pension scheme |
Yes, if you are transferring from another buy out bond or personal retirement bond (before age 70). If you are in a company pension scheme and you are leaving it or it's winding up, the trustees apply |
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Can I make contributions?
|
Yes |
Yes |
Yes |
Yes |
No |
|
I have other pension funds. Can I transfer them into this policy?
|
Yes, from PRSAs, AVC PRSAs, buy out bonds and other company pension schemes |
Yes, from other personal pensions |
Yes, from personal pensions, company pension schemes and other PRSAs. |
Yes, from AVCs from the same employment. |
Yes, from company pension schemes and other buy out bonds. Each transfer payment is a new policy |
|
What's the maximum cash lump sum I'm allowed when I retire?
|
If you choose annuity option: 1.5 times final salary (assuming 20 years pensionable service to Normal Retirement Age) If you choose ARF option: 25% of your policy value |
25% of your policy value |
25% of your policy value |
Included in maximum allowed for company pensions |
If you choose annuity option: 1.5 times final salary (assuming 20 years pensionable service to Normal Retirement Age) If you choose ARF option: 25% of your policy value |
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What's the tax on the cash lump sum I take?
|
You have a total cash lump sum limit from all your pensions: – the first €200,000 is tax free – the next €300,000 is taxed at 20% – any amount over €500,000 is treated as income and taxed under PAYE system. Lump sums you’ve already taken from other pensions must be taken into account. |
You have a total cash lump sum limit from all your pensions: – the first €200,000 is tax free – the next €300,000 is taxed at 20% – any amount over €500,000 is treated as income and taxed under PAYE system. Lump sums you’ve already taken from other pensions must be taken into account. |
You have a total cash lump sum limit from all your pensions: – the first €200,000 is tax free – the next €300,000 is taxed at 20% – any amount over €500,000 is treated as income and taxed under PAYE system. Lump sums you’ve already taken from other pensions must be taken into account. |
You have a total cash lump sum limit from all your pensions: – the first €200,000 is tax free – the next €300,000 is taxed at 20% – any amount over €500,000 is treated as income and taxed under PAYE system. Lump sums you’ve already taken from other pensions must be taken into account. |
You have a total cash lump sum limit from all your pensions: – the first €200,000 is tax free – the next €300,000 is taxed at 20% – any amount over €500,000 is treated as income and taxed under PAYE system. Lump sums you’ve already taken from other pensions must be taken into account. |
|
When can I take my pension?
|
Between age 60 and 70 |
Between age 60 and 75 |
Between age 60 and 75 |
At the same time as your company pension |
Between age 60 and 70 |
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Can I take my pension earlier?
|
Yes, from age 50 with your employer's and trustees' agreement |
No, but exception made for special occupations |
Yes, from age 50, if you're an employee, or have a special occupation. |
Yes, at the same time as your company pension |
Yes, from age 50, if not related to your current employment |
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What does my family get if I die before I take my pension?
|
Your policy value (but there are restrictions on how the benefits can be paid). |
Your policy value |
Your policy value |
Your policy value |
Your policy value |
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What's the maximum pension I'm allowed?
|
Two-thirds of final salary (assuming 10 years pensionable service) |
Limited by the value of your policy and the cost of buying your pension |
Limited by the value of your policy and the cost of buying your pension |
Included in maximum allowed for company pensions |
Two-thirds of final salary (assuming 10 years pensionable service) |
Laws and tax rules may change in the future. The information here is based on our understanding in December 2021. Your personal circumstances also have an impact on tax treatment.
This is a brief and basic comparison. If you're considering investing in a pension, we recommend you talk to your financial adviser who can help you decide which is the right pension for you and give you more information.
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