Pensions — the tax-efficient opportunity that simply cannot be ignored by business owners

Extracting wealth from their business in a tax-efficient way is a significant challenge for business owners, advises Gabriel McCarthy, managing director of MCG Financial Services

Business owners, with a PRSA you can phase in your retirement by dividing your pension funds across multiple PRSAs. This can significantly reduce the level of tax paid on your pension in retirement.

The last two years have been noteworthy by their volatility in global affairs. The emergence from the Covid-19 era, the war in Ukraine and the subsequent explosion in energy costs have had significant financial implications. Inflation and interest rates have risen sharply, bringing much volatility to investment markets and challenges for economies across the world.

The last two years have also seen enormous changes in the world of pensions in Ireland for business owners.