An SSAP is a variation of the conventional revenue approved occupational pension scheme. A self-administered scheme is defined as small if;

• There are less than twelve members, and,
• Irrespective of the numbers involved, if at any time 65% or more of the value of the investments of the scheme relate to the provision of benefits for 20% directors and for their spouses and dependants.

Overall an SSAP is a niche product suitable for proprietary directors or senior directors within a limited company, who invest a significant amount into their pension per year. The typical SSAP client is one who wants to exercise control over the investments made with their pension fund. The individual can decide the exact assets to be invested in by the pension scheme.

• Investment in the principle employer by way of shares or loans is not permitted
• Property investments are restricted where such investments are to be let to the principle employer or to related persons of the individual operating the SSAP. Property investments where such investments are let to the unrelated parties are permitted subject to the revenue being happy with the overall liquidity of the scheme.
• SSAP arrangements are not permitted to raise loans to purchase assets.
• SSAP's cannot invest in Pride in Possession Articles ie. schemes cannot invest in work's of art, jewellery etc.

The normal retirement age is after age 60 and pension funding projections must assume the earliest possible retirement age of 60. However, early retirement is allowable from age 50 onwards.

• Take 25% of the value of your pension fund as a tax-free cash payment (This option is generally recommended).
• You can encash the remainder of the pension subject to a deduction of income tax.
• Invest the remainder of the fund into an annuity and receive a pension for the rest of your life.
• Invest the fund into an Approved Retirement Fund and make regular withdrawals or receive automatic income payments from this fund.

This pension is a social insurance payment, payable from age 66 onwards, provided one satisfies certain insurance contribution criteria. This pension is not means tested and you can be in receipt of a private pension also. You can continue to work and still receive this pension payment.

1. Started Social Insurance Contributions before reaching age 56.
2. 156 full contributions paid (260 full contributions are needed if the yearly average is between 10 and 19)
3. An average of 48 full contributions each year paid from 1979 up to reaching your 66th birthday or an average of 10 full contributions from 1953 (or when you commenced employment) each year before you reach your 66th birthday.

1. Living alone allowance
2. Over 80 allowance
3. Fuel allowance

• Free travel
• Free TV licence
• Medical Card
• Free ESB / Natural gas
• Free telephone rental allowance

You can claim the Old Age (Contributory) Pension from your Post Office, local Social Welfare Office or from
  Pension Services Board,
  College Road,
  Sligo.
  Tel
      - Sligo 071 / 69800
      - Dublin 01 / 8748444

One should apply 3 to 6 months before they reach 66 years of age.

This payment is made only to insured people who are unfit for work due to illness.

You will qualify for this payment if;

• you are unfit to work due to illness
• you are 66 years or over
• you have made the required PRSI Contributions

• At least 39 weeks PRSI paid since commencing work
• 39 weeks PRSI paid or credited in the relevant tax year

If you qualify for this payment your payment comprises of a personal rate supplemented for any dependants.

• Medical Card
• Fuel Allowance
• Supplementary Welfare Allowance Scheme eg. footwear allowance, back to school clothing allowance etc..

You must apply for this payment within 7 days of becoming ill. Your doctor should have the relevant claim forms, once in receipt of the payment you must continue to submit weekly medical certificates while ill, unless otherwise advised.

Medical Certificates can be forwarded to your local Social Welfare Office or posted to:

Department of Social Community and Family Affairs,
PO Box 1650,
Dublin 1.

This pension is paid as an alternative to disability benefit, if you have been off work for more than 12 months. In certain cases an individual may qualify for both the disability benefit and the invalidity pension - in cases of serious incapacity.

• Permanently incapable of work
• Have satisfied the PRSI criteria

• you must have 260 weeks PRSI paid and
• 48 weeks PRSI paid or credited in the last tax year, prior to when you apply for this person

As with the other benefits / pensions you are paid a personal rate and additional amounts if you have dependants. Additional allowances are paid if you are over age 66 or over age 66 and living alone, or if you are over age 80.

This payment continues for as long as you are permanently incapable of work. However payment ceases if you qualify for any other pension from the Department of Social, Community and Family Affairs (except disablement pension).

• Free Travel
• Free TV licence
• Medical Card
• Free ESB / Natural Gas
• Free telephone rental allowance

Claim forms are available from:

Invalidity Pension Claims Section
Social Welfare Services Office
Government Buildings
Ballinalee Road
Longford

Tel: Longford (043) 45211
       Dublin    (01) 7043314

*An increase of €16.76 is payable for each child dependant if you are in receipt of a full rate increase for a qualified adult. Where you do not qualify for a full rate increase for a qualified adult, half rate child dependant increases may be payable.

The rate applied to a retirement lump sum to calculate the level of regular income payments (i.e. pension) that the lump sum will provide you with. This pension / income will be payable for the rest of your life.

With a personal and company pension you can retire early due to ill health. With a company pension scheme you can retire after 50 (subject to employer's consent) but this will affect your final pension amount.

To maintain the real value of policy benefits. Premiums and benefits are increased every year to take account of inflation in line with CPI / 5% if greater. Indexation generally continues right up to retirement

After a certain initial investment period and on the attainment of a minimum value the policy can be converted to a paid up policy. Any additional benefits such as life, serious illness, or PHI cover reduce to nothing unless the value of the retirement fund is used to sustain the cover for as long as it is possible.

After a certain initial investment period and on the attainment of a minimum value. Minimum partial encashment amounts apply as well as a charge for the facility.

Is broadly defined as your total earnings from non-pensionable employment or self-employment, less if you are self-employed, your allowable business expenses, losses and capital allowances.

Enables you to take your pension fund at retirement and buy an annuity plan (pension) from any life assurance you want.

• Bid Offer Spread - a charge for the allocation of units in a Unit Linked Managed Fund to a particular policy being the difference between the buying and selling price. Normally the charge is 5%. So for example investing &euro:1 in a fund today will result in the price to automatically start at 95 cents.
  
  
• Regular Management Charge - a charge relating to the cost incurred in the day to day management of a Unit Linked Managed Fund. This can vary between 0.5% and 1.75% per annum depending on the type of fund.