Yes, an individual retirement account is set up for each member and contributions are credited to this account.

Contributions may be made directly to CIRT by cheque or electronic fund transfer.  Alternatively, you may arrange a standing order payment on a monthly, quarterly, half-yearly or annual basis, click here for a Standing Order Form.

No. You are free to contribute each year any amount that you decide, subject to a minimum contribution of €50 per month.  The amount that you contribute to your individual retirement account, together with investment returns for the period, will determine the options available to you at retirement.

You will receive an annual statement, which shows the accumulated value of your individual retirement account or you can contact the Administration Team at any time for an up to date valuation.

The investment funds of CIRT are held completely separate from the other pension arrangements operated by CIF Pension Administration Services (CPAS).  The Trustee select and regularly review the fund manager(s) who manage the assets in CIRT.

In the event of your death, before claiming retirement benefits from CIRT, your total accumulated individual retirement account will become payable to your beneficiaries. Under the Trust, the Trustee have absolute discretion as to whom a Death Benefit is payable.  You may if you wish, fill out a Nomination Form to assist the Trustee in exercising this discretion. The Nomination Form would not however be binding on the Trustee. Click here to download the Expression of Wish Form

No, under current legislation a refund of member contributions cannot be made under any circumstances. If you cease to be eligible for membership you must immediately stop making contributions to CIRT. The amount previously contributed, will continue to accumulate with full investment returns within your individual retirement account until you opt for retirement benefits on or after age 60, or earlier on the grounds of ill health. 

Yes, subject to the approval of the Revenue Commissioners, the Trustee can accept transfers from any existing eligible pension arrangements you may have. 

Yes, before your retirement and subject to the approval of the Revenue Commissioners, you may transfer the value of your individual retirement account to another similarly approved Retirement Annuity Contract (RAC) or to a Personal Retirement Savings Account (PRSA). 

No, you, or any other party, will not able to take out a loan against the value of your individual retirement account under any circumstances. 

CIRT is approved by the Revenue Commissioners.  As a result, you will obtain worthwhile tax relief on your contributions.  Your total contributions will be taken into account for tax purposes.  Tax relief is subject to limits based on your age and your Net Relevant Earnings.  The following table outlines the current maximum contributions on which tax relief may be obtained:

Note:  The maximum Net Relevant Earnings that can be taken into account in any single tax year is currently limited to €115,000.

At present, earnings are taxed in two bands.  Full tax relief is allowed, at your marginal rate of tax, on your contributions to CIRT.  Therefore, for each €100 contribution you make, the actual net cost for you is as follows:

You can draw down your retirement benefits at any time between age 60 and 70.  It is not necessary for you to retire from your employment in order to do so – there is no connection between the date you retire from employment and the date you decide to draw down your retirement benefits from CIRT.

Please contact us to discuss your options at retirement.  In general there are a number of options available:

1. An annuity, or pension, which is a guaranteed income for the rest of your life. The amount of income you receive will primarily be based on the size of your individual retirement account
2. There are a variety of annuities available, for example:
   • Choice of guaranteed periods
   • Level or increasing payment options
   • With or without spouses pension
   You may be liable to pay income tax on income from an annuity.
   Please Note:  The amount of your annuity will depend on your age, the level of interest rates and the total accumulated fund in your retirement account at the time of your retirement.
3. A tax free lump sum and a reduced annuity.  At present under the current revenue benefit legislation the maximum tax free lump sum is 25% of your total retirement account(s) to an overall maximum of €200,000.  Lump sums between €200,000 and €500,000 will be taxed at the basic rate (currently 20%) and lump sums in excess of €500,000 will be taxed at an individual’s marginal rates.
4. A tax free lump sum and a taxable lump sum.  This option is only available under certain circumstances and will be outlined at retirement if applicable.

In order to set up an Annuity or ARF you will need to obtain financial advice. The CIRT Trustee preferred financial adviser is Milestone Advisory DAC. You can contact Milestone Advisory DAC or your own financial adviser to assist you when considering your retirement options. You can contact Milestone Advisory DAC via post (Linden House, 4 Clonskeagh Square, Clonskeagh Road, Dublin 14), via email ([email protected]) or call the team on (01) 4068020.

The amount of State Pension you will receive (if any) will depend on your history of PRSI contributions.  The State Old Age Contributory Pension is currently payable from age 66. If you are entitled to this State pension, it will be payable in addition to your pension benefits available from CIRT.  

In the event of a permanent breakdown in your health prior to age 60, an immediate pension becomes payable (subject to receipt of adequate medical evidence). The pension amount will depend on your age and on the value of your individual retirement account at the time. 

You have investment choices available within CIRT, which can be viewed here.

Yes, each year the Trustee arranges for the Scheme’s accounts to be audited. You may request a copy of the Trustee Annual Report, which includes a copy of the audited accounts. 

Additional Voluntary Contributions, or AVCs as they're more commonly known, are extra contributions you can make to your retirement savings account to top up the value available to you on retirement.

• Tax relief at source: Tax Relief is given at your marginal tax rate of tax on AVCs paid. There are limits on the tax relief, depending on your age. As you edge closer to retirement, your tax relief increases. There is a maximum annual amount of earnings for which tax relief is given. Currently this is €115,000 p.a. No Tax on Gains: There are other tax advantages for the duration of your retirement saving in contrast to other solutions. There is no tax deducted on any gains you make over the years you save for retirement – this compares well to other investment types where DIRT or CGT are applied.
• Tax free amount when you draw down: Subject to revenue limits, when you retire you can take a substantial amount of your fund tax free.

There is no fixed amount but we would encourage you to save as much as possible subject to the limits below. While some of us may not have the luxury of disposable income in the current climate, especially when self-employed, it is worth considering what you can afford contribute. This is especially helpful if you are worried about your retirement fund as you approach your 50's. Every year you miss out paying these AVCs, you also miss out on the generous tax relief they provide and potential investment gains.

You will receive an annual statement, which shows the accumulated value of your individual retirement account or you can contact the CIRT administration team at any time for an up to date valuation.

Yes. Saving AVCs provides great benefits - today and for your retirement. Now all that remains to decide is how and when you wish to do it. If you would like to avail of tax relief and make a contribution to your retirement future, AVCs are a great step that can be taken now.

The 31st of October is generally the deadline date for saving your once off Additional Voluntary Contributions (AVCs). Please note that all cheques must be received by this date. The deadline is generally extended for those who file online via Revenue Online Services (ROS).

Yes, subject to the approval of the Revenue Commissioners. The CIRT Trustee can accept transfers from any existing similarly approved pension arrangements you may have. Please contact the Team for more information

Tax relief is subject to limits based on your age and your Net Relevant Earnings. The following table outlines the current maximum contributions on which tax relief may be obtained :

Note:  The maximum Net Relevant Earnings that can be taken into account in any single tax year is currently limited to €115,000.

At present, earnings are taxed in two bands. Full tax relief is allowed at your marginal rate of tax, on your contributions to CIRT. Therefore, for each €100 contribution you make, the actual net cost for you is as follows: