Financial Advice for Contractors

Pensions for Contractors

Everyone knows what pensions are so how are you going to benefit by talking to us?

Contracting PLUS has a team of experienced pension advisors available to work with you to ensure that you have the best possible pension plan in place to provide you with the income you require in retirement. We give all our contractors the information you need to enable you to make good solid financial decisions. We know when it comes to pensions that there are generally two kinds of people. Those that have them, and those that don’t.

Which one are you?

I already have a pension

Great, so there are a number of things that we can do for you!

We will review your existing plan and ensure that it is the most suitable one available to you in terms of risk, pricing, performance and general suitability.

If you have a pension and you are moving into Contracting from full-time employment, we will advise you about the best options available for that pension. Should you leave it where it is or move it?

Finally, we will review what this pension will ‘pay’ you on your retirement and check if you are on track in terms of your overall retirement objectives.

Then if you are coming up short of where you want to be, we will advise on some of the options open to you.

I don’t have a pension yet

A pension is an extremely tax efficient way of saving for the future. The State Pension is currently less than the average industrial wage in Ireland, so you will need additional retirement funds to ensure a decent standard of living in retirement.

Pension funding is extremely attractive for contractors because as a company director you are allowed to process the pension contribution through your company as a legitimate expense and claim full tax relief, which can be as high as 51%!

You can choose the amount to contribute monthly and the premium will be processed as one of your legitimate monthly business expenses through your company.

Let us run some numbers for you. We’ll find a pension plan that’s right for you and meets your expectations in terms of retirement income.

Retired already and want to go Contracting?

Are you a retiree who is thinking about returning to the workforce as a contractor?

If so, you will more than likely at this stage be either in receipt of pension income from an employment related pension scheme or about to decide on the best drawdown options available to you.

Our Advisors will provide you with the information you need to help you to make the most informed decision.

If you then begin work as a contractor, if eligible, you would be entitled to start contributing to a brand-new pension scheme allowing you to take advantage of the generous tax relief (as high as 51%) available to company directors. This will serve to further boost your post retirement pension income.