Defined contribution occupational pension.
Segment has put in place an Occupational Pension Plan with Aviva Life & Pensions.
The company will contribute up to 5% of your base annual salary on a matching basis which means that employees contributing 5% to their pension plan will receive a matching employer contribution to that level. Similarly if you wish to contribute (1%, 2%,3%, 4%) the company will match each level.
Segment provides a salary deduction facility for you to make contributions to this pension scheme. You can receive tax relief on your contributions which can be up to 40% of your gross annual salary (subject to a salary cap of €115K per anum) based on the below age brackets;
Under 30 15% of salary
30-39 20% of salary
40-49 25% of salary
50-54 30% of salary
55-59 35% of salary
60+ 40% of salary
You control the investment strategy. In addition to the Default Lifestyle Strategy there is a broad selection of funds to choose from including Managed, Equity, Bonds, Property and Cash Funds.
At retirement age you can avail of a 25% Tax Free Lump Sum of the total funds accumulated and use the balance to either purchase an Annuity Contract (which will provide a guaranteed level of income for life) or transfer the balance into an Approved Retirement Fund (ARF) providing continued tax free investment growth with taxable fund withdrawals.
For any questions in relation to Segment’s Pension please contact our local advisors Glennon Employee Benefits.
\ +353 (0) 1-7075880.