Pension Planning

Why do I need a pension?
A Pension Plan (deferred salary) is a savings plan designed to encourage you to save for your retirement, by offering you generous tax incentives (up to certain limits). As the population ages and people live longer, the Government is keen to encourage you to save for your own retirement and not to rely on the State for your pension (current contributory pension is only €154.00 per week!). For this reason generous tax incentives are given to you if you put your money into an approved Pension fund.

What are the benefits?

1. You get tax relief on any contributions to a pension, subject to certain limits.
   
2. Your investment grows tax free.
   
3. A pension enables you to maintain a decent standard of living following retirement
   
4. Peace of mind for you and your family

Personal Pension
This type of pension is for those in non-pensionable employment or the self-employed. This plan is paid for by the individual. The purpose of this plan is to accumulate a fund which will provide an income when you retire. Your premiums are tax allowable and when you reach retirement age you can opt to take a tax-free lump sum from your fund and the rest may be paid to you in monthly instalments. It is also now possible to defer payment of your pension and invest your fund post retirement if desired. You can avail of additional benefit options under this plan such as Life Cover, Serious Illness Cover and Disability Benefit cover. In each case comparisons should be made with PRSAs.

Company pension
This type of pension is one that is part or fully paid for by your employer. It usually involves the employee agreeing to contribute a regular sum into their pension. The employer must also make a reasonable contribution to the pension. There are additional benefit options available under this plan such as Life Cover, Serious Illness Cover and Disability Benefit Cover. In each case comparisons should be made with PRSAs.

Complete the following form and we will provide you with
advice on your retirement planning.
Terms and Conditions Apply. * marks signify mandatory fields.

name*

e-mail*

date of birth*

address*

phone*

If you were retiring today what level of income would you require?€

At what age would you like to retire?
60 65

Have you an existing pension?
Yes No

• If so how much are you contributing? €

Would you like to see how much it would cost to provide you with a pension of €10,000 per annum when you retire?
Yes No

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