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Can someone define "occupational pension (superannuation)"

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  • 07-02-2008 11:36pm
    #1
    MGrah
    Registered Users Posts: 138 ✭✭


    Researching the tax implications of a redundancy lump sum for someone at the moment, and have come across this term and I'm not sure exactly what it includes. Revenue.ie says that there is an additional excemption of €10k on top of the automatic excemptions for people are not a member of an "occupational pension (superannuation)".

    Can someone tell me whether a contributory pension would fall into this category or does this refer to defined benefit schemes only?

    thanks


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    #2
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    An occupational pension scheme is one set up by an employer to provide retirement and/or other benefits for one or more employees.

    The short answer to your second question is "yes", the contributory pension is regarded as an occupational scheme if it fits in the definition above.

    For the record, PRSAs can be classed as an occupational scheme, too. Again, with regards to the definition.

    If you need any further clarification, do not hesitate to ask.


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