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Pensions are your path to securing a bright retirement. Better yet, all types of pensions in Ireland benefit from tax relief, making them a cost-effective way to save for your future.
Whether you're just starting out or considering your options, we offer retirement plan solutions tailored to your needs. If you’re looking to optimize your existing pension plan or need help with retirement planning, we are here to guide you every step of the way.
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Are Pensions a Good Investment?
A private pension is crucial for your retirement planning. It helps you save for the future while offering significant tax relief on contributions—meaning your investments can grow tax-free. This advantage maximizes your savings potential.
While the State Pension provides those aged 66+ a basic income of up to €277.30 per week (about €14,400 a year or €39.50 per day) as of January 2024, many people find that this amount may not be enough to sustain their desired lifestyle in retirement. For those looking to enjoy a more comfortable future, relying solely on the State Pension may fall short.
Enter the private pension: a powerful tool for securing a comfortable retirement. Maximize your savings through tax relief and smart contributions like AVCs. Additional Voluntary Contributions (AVCs) let you boost your fund anytime you choose!
Pension Types in Ireland
Each plan offers different benefits and features tailored to individual needs, helping you secure a comfortable financial future. Here are the main types of pension plans we will help you consider:
Auto Enrolment
Automatic enrolment is a new form of retirement savings scheme.
Employees who do not have an occupational pension will be automatically enrolled in the new scheme, with the choice to leave the scheme or ‘opt out’ under certain conditions.
Executive Pension (Master Trust)
An Executive Pension is established by employers for key employees and is managed under a trust. Both employers and employees can contribute to this plan.
Personal Pension
A personal pension is tailored for the self-employed or those without a workplace pension. The plan's value is determined by contributions and investment returns.
PRSA / Employer’s PRSA
Private Retirement Savings Plans (PRSAs) are flexible options for everyone. Both employees and employers can contribute, with tax relief available on contributions. PRSAs are portable, allowing you to keep your plan if you change jobs. There are two types:
Standard PRSA: Limited to a 1% fund management charge and a 5% contribution charge, with some investment restrictions.
Non-Standard PRSA: No limits on charges but offers a wider range of investment options, including guaranteed funds.
Buyout Bond/Retirement Bond
If you have old pensions from previous jobs, consider transferring them into a Buyout Bond. This bond is established in your name, allowing you to control how the funds are invested and accessed. Financial advice is recommended before making this decision.
How Do You Plan for Retirement?
As you approach retirement, it's essential to explore your options. Seeking advice from a pension advisor is crucial. After all, the decisions you make will impact your financial future.
You can typically choose to:
Take part of your retirement fund tax-free.
Purchase an annuity for guaranteed income.
Re-invest in an ARF/AMRF.
Take a taxable cash lump sum.
Make informed choices for a secure retirement.
So, making the right choice for you is vital as it will determine how you live in retirement, so contact our pension advisor today to discuss your circumstances and these options in detail.
How We Help With Retirement Planning
Planning for retirement can feel overwhelming and often gets pushed to the back burner. Whether you're in your 20s-30s, where retirement might seem far off, or approaching retirement age and wondering if you’ve saved enough, it’s easy to feel lost in the process. Our dedicated team is here to make retirement planning approachable and easy to understand, no matter your current situation
We’re here to simplify securing your financial future, making it easy to understand and quick to get started. We’ll guide you through your options, empowering you to take confident steps toward a secure financial future so you can get back to enjoying the present.
Here’s why you should choose us for your retirement planning:
Expertise: With extensive knowledge of the pension landscape in Ireland, we can help you navigate the complexities of various pension plans and investment options.
Tailored Solutions: We take the time to understand your specific needs, helping you develop a retirement strategy that aligns with your lifestyle and financial aspirations.
Maximize Your Savings: Our advisors will work with you to leverage tax relief opportunities and optimize your contributions, ensuring your retirement fund grows as efficiently as possible.
Ongoing Support: We’re committed to being with you every step of the way, providing regular reviews and adjustments to your plan as your circumstances change.
Peace of Mind: With our guidance, you can feel confident that you’re making informed decisions for a secure and fulfilling retirement.
Let’s build the retirement you deserve. Contact us today to get started!
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