The Administrators Plan is a brand new savings insurance designed for companies' administrators and partners.
This savings insurance policy has been thought up to cover analogous eventualities to pensions commitments. How does this work out? The company makes annual payments and commits to pay a certain capital for the administrators & partners who meet the relevant criteria. When reaching the agreed retirement age, the insurance company pays the corresponding amount directly to the administrator/partner.
- Administrators (normally the CEO who runs the company)
- Partners with effective control (they own 33% stake in the company or 25% when performing directive and management functions).
Special treatment as irregular income for administrators with 40% exemption from the total income generated in a period exceeding two years (limited to €300,000 ) and in a non-recurring way.
All premiums will be considered as tax-deductible expenditure to the company in corporation tax.
- Policy-holder survival at the agreed age
- Firm disability statement
- Other agreed assumptions (such as changes in the company management, etc.