Privacy
Type of website: https://michaeloconnor-qfa.com/Effective date: 25th day of October, 2024
https://michaeloconnor-qfa.com/ (the "site") is owned and operated by Michael O’Connor. OWNER is the data controller and can be contacted at: [email protected]
Purpose
The purpose of this privacy policy (this "Privacy Policy") is to inform users of our site of the following:1.The personal data we will collect2. Use of collected data3. Who has access to the data collected4. The rights of site users5. The site's cookie policy.This Privacy Policy applies in addition to the terms and conditions of our site.
GDPR
For users in the European Union, we adhere to the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016, known as the General Data Protection Regulation(the "GDPR"). For users in the United Kingdom, we adhere to the GDPR as enshrined in the Data Protection Act 2018.
Consent
By using our site users agree that they consent to:1.The conditions set out in this Privacy Policy.When the legal basis for us processing your personal data is that you have provided your consent to that processing, you may withdraw your consent at any time. If you withdraw your consent, it will not make processing which we completed before you withdrew your consent unlawful. You can withdraw your consent by: Email m.oconnor(@)completesolutionsfs.com
Legal Basis for Processing
We collect and process personal data about users in the EU only when we have a legal basis for doing so under Article 6 of the GDPR.
We rely on the following legal basis to collect and process the personal data of users in the EU:1.Users have provided their consent to the processing of their data for one or more specific purposes.
Personal Data We Collect
We only collect data that helps us achieve the purpose set out in this Privacy Policy. We will not collect any additional data beyond the data listed below without notifying you first.
Data Collected Automatically
When you visit and use our site, we may automatically collect and store the following information:1. Clicked link2. Content viewed.
Data Collected in a Non-Automatic Way
We may also collect the following data when you perform certain functions on our Site:1. First and last name2. Email address3. Phone number4. AddressThis data may be collected using the following methods: 1.Online Form.
How We Use Personal Data
Data collected on our site will only be used for the purposes specified in this Privacy Policy or indicated on the relevant pages of our site. We will not use your data beyond what we disclose in this Privacy Policy.The data we collect automatically is used for the following purposes:
1.Statistics.
The data we collect when the user performs certain functions may be used for the following purposes:1.Create Quotations.Who We Share Personal Data With EmployeesWe may disclose user data to any member of our organisation who reasonably needs access to user data to achieve the purposes set out in this Privacy Policy.
Other Disclosures
We will not sell or share your data with other third parties, except in the following cases:1. If the law requires it2. If it is required for any legal proceeding3. To prove or protect our legal rights4. To buyers or potential buyers of this company in the event that we seek to sell the company.If you follow hyperlinks from our Site to another Site, please note that we are not responsible for and have no control over their privacy policies and practices.
How Long We Store Personal Data
User data will be stored until the purpose the data was collected for has been achieved. You will be notified if your data is kept for longer than this period.
How We Protect Your Personal Data
In order to protect your security, we use the strongest available browser encryption and store all of our data on servers in secure facilities. All data is only accessible to our employees. Our employees are bound by strict confidentiality agreements.
While we take all reasonable precautions to ensure that user data is secure and that users are protected, there always remains the risk of harm. The Internet as a whole can be insecure at times and therefore we are unable to guarantee the security of user data beyond what is reasonably practical.
Your Rights as a User
Under the GDPR, you have the following rights:1. Right to be informed2. Right of access3. Right to rectification4. Right to erasure5. Right to restrict processing6. Right to data portability7. Right to object.
Children
We do not knowingly collect or use personal data from children under 16 years of age. If we learn that we have collected personal data from a child under 16 years of age, the personal data will be deleted as soon as possible. If a child under 16 years of age has provided us with personal data their parent or guardian may contact our data protection officer.
How to Access, Modify, Delete, or Challenge the Data Collected
If you would like to know if we have collected your personal data, how we have used your personal data, if we have disclosed your personal data and to who we disclosed your personal data, if you would like your data to be deleted or modified in any way, or if you would like to exercise any of your other rights under the GDPR, please contact our data protection officer here: OWNER, EMAIL
How to Opt-Out of Data Collection, Use or Disclosure
In addition to the method(s) described in the How to Access, Modify, Delete, or Challenge the Data Collected section, we provide the following specific opt-out methods for the forms of collection, use, or disclosure of your personal data specified below:1.Emails. You can opt-out by clicking an opt out link.
Cookie Policy
A cookie is a small file, stored on a user's hard drive by a website. Its purpose is to collect data relating to the user's browsing habits. You can choose to be notified each time a cookie is transmitted. You can also choose to disable cookies entirely in your internet browser, but this may decrease the quality of your user experience.
We use the following types of cookies on our Site:1. Analytical cookies:Analytical cookies allow us to improve the design and functionality of our site by collecting data on how you access our site, for example data on the content you access, how long you stay on our site, etc.2. Targeting cookiesTargeting cookies collect data on how you use the site and your preferences. This allows us to personalise the information you see on our site for you.
Modifications
This Privacy Policy may be amended from time to time in order to maintain compliance with the law and to reflect any changes to our data collection process. When we amend this Privacy Policy we will update the "Effective Date" at the top of this Privacy Policy. We recommend that our users periodically review our Privacy Policy to ensure that they are notified of any updates. If necessary, we may notify users by email of changes to this Privacy Policy.
Complaints
If you have any complaints about how we process your personal data, please contact us through the contact methods listed in the Contact Information section so that we can, where possible, resolve the issue. If you feel we have not addressed your concern in a satisfactory manner you may contact a supervisory authority. You also have the right to directly make a complaint to a supervisory authority. You can lodge a complaint with a supervisory authority by contacting the Data Protection Commission.
Contact InformationIf you have any questions, concerns or complaints, you can contact our data protection officer, OWNER, at: m.oconnor(@)completesolutionsfs.com
Frequently Asked Questions
Frequently asked questions based on typical concerns people have about early pension access in Ireland
Can I access my pension before the retirement age?
Yes, provided you meet a certain criteria, our occupational or defined benefit is paid up and you are no longer in that occupation. Early access is possible, typically after age 50 or in cases of ill-health.
How much of my pension can I withdraw early?
The first 25% of your pension can be taken as a lump sum, up to €200,000 tax-free.
Is my entire pension accessible early if I am unwell?
On the report of your Doctor Early access due to ill-health is permitted, but medical certification is required.
Can I still receive tax-free benefits if I retire early?
Yes,the first 25% and up to the first €200,000 of your lump sum withdrawal is tax-free, even with early retirement.
What happens to the rest of my pension after I take the lump sum?
You can either buy an annuity or invest in an Approved Retirement Fund (ARF).
Is there flexibility in how I use my pension funds after early withdrawal?
Yes, you can decide between taking an annuity or managing your funds via an ARF.
Can I still contribute to my pension after accessing it early?
No when you mature a pension it stands alone, however you are more than entitled to pay into another separate pension in some cases.
Do I need a financial advisor to access my pension early?
While not mandatory, it’s highly recommended to consult an advisor for tax efficiency and understanding. A financial Advisor will explain everything about each individual pension and make the path forward very clear.
What is an Approved Retirement Fund (ARF)?
An ARF allows you to invest your pension funds and potentially grow with compounding interest so it can last you without bombing out into late retirement.
What happens to my pension if I die before retirement?
An ARF goes to your estate tax free. You must put a rendition on your annuity for it to go to your estate.
What is the earliest age I can retire?
Statutory retirement age is 66. Typically, 50 years old is the minimum age for early retirement.from certain pensions. RAC and PRSA’s retire at age 60.
Is there any penalty for early pension withdrawal?
There are tax implications on funds withdrawn beyond the tax-free limits.
What is a PRSA, and can I access it early?
A PRSA (Personal Retirement Savings Account) allows early access from age 60.
How can I access my occupational pension early?
If you leave employment after age 50, you may access your occupational pension.
What are the conditions for accessing a pension due to serious illness?
Medical proof of incapacity for work in total, meaning unable to complete any sort of work to create an income, is required to access pensions on ill-health grounds.
What happens if I have more than one pension?
You may combine pensions or access them separately based on individual rules. They will all end up in a single ARF/Annuity.
What is the tax treatment of my pension after early withdrawal?
Withdrawals beyond the lump sum are subject to standard income tax. If you are fortunate enough to maximise your tax free lump sum and receive the first €200,000 tax free the next €300,000 is taxed at 20%.
How long does it take to access my pension early?
Processing times vary depending on your pension provider and circumstances generally 6 to 8 weeks sometime faster however not that often.
Can I access my pension if I leave Ireland?
Yes, but tax rules may vary depending on your residency status.
Can I transfer my pension to another scheme before accessing it?
Yes, you may transfer your pension to another qualifying scheme.This may or may not be to your advantage. Take the advice of a Financial Advisor.