Self Administered Direct Pensions

A self administered scheme is geared towards the owner director of a limited company. It would be expected that pension contributions would be towards the higher end of the scale.  A self administered pension scheme, similar to a self directed pension plan allows the beneficiary of the pension to take complete control of his/her pension investment decisions.

The difference with a self administered scheme is that a pension provider such as an insurance company is not used for the provision of the pension structure.

Instead, a pension trust is set up and administered by the appointed trustees. One of the trustees must be a pensioneer trustee who is revenue approved. On top of the normal duties of a trustee, the pensioneer trustee ensures that the trust operates in line with revenue rules and relevant pension legislation. The pensioneer trustee will administer the pension and ensure returns are made to revenue when required.

There are now a number of approved providers of pension trusts and pensioneer services across Ireland. These providers will charge for their services, with initial set up costs and annual scheme administration charges.

The trust sets up a bank account to which the beneficiary’s company makes contributions and to where the beneficiary can also make contributions. Along with his/her advisors, it is entirely up to the pension beneficiary as to what the trust invests in, as long as those investments comply with revenue rules.

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