Turning Company Profits Into Pension Funds

Money walks…

atest press release from Bray’s Platinum Financial, issued on Thursday, November 21st 2024…

Attention Company Directors: Time is Running Out!

Act Now to avail of this once in a lifetime opportunity to create personal wealth by extracting company profits of up to €2 million.

Maximise Your Pension Benefits Before Year-End.

The Finance Bill 2024 introduces significant changes to pension contributions, effective from 1st January 2025. These changes will limit employer contributions to Personal Retirement Savings Accounts (PRSAs) to 100% of the director’s or employee’s annual remuneration. Contributions exceeding this limit will be subject to Benefit-in-Kind (BIK) taxation and may not be deductible as business expenses.

Why This Matters
Previously, directors could make substantial employer contributions to their PRSAs, allowing for accelerated pension funding. The upcoming restrictions will significantly reduce this opportunity.

Immediate Action Required
To take full advantage of the current regulations, it’s imperative to act before 31st December 2024. By making employer contributions to your PRSA now, you can maximise your pension pot under the existing, more favourable terms.

How We Can Assist
At Platinum Financial Planning, we specialise in helping company directors navigate pension planning. Our team is ready to:

⦿ Assess your current pension status
⦿ Advise on optimal contribution amounts
⦿ Ensure compliance with all relevant regulations

Don’t Miss This Unique Opportunity
This is a limited-time chance to enhance your retirement savings in a tax-efficient manner. After 31st December 2024, the new restrictions will apply, limiting your ability to maximise contributions.

Open Monday to Friday, 9am to 5.30pm, you can find out more Platinum Financial on their website here, about their mortgages here, and book a callback here, or get in touch directly on email here and landline here.

Note: The information provided is based on the Finance Bill 2024 as of 11th October 2024. For the most current advice, please contact us today.