Pensions

What is a Pension?

A pension is a long-term savings plan designed to provide you with an income when you retire. You contribute money to the pension while working and get tax relief on those contributions. Once you stop working, your pension helps replace your regular income, giving you financial security in retirement.

Many people have multiple pensions from different jobs or personal plans over their careers. We can help you track all your pensions, combine them if possible, and calculate what they’ll be worth when you retire. This helps you plan ahead and make the right contributions for a comfortable retirement.

Start planning for your retirement today. Contact us to get a pension review.

Types of Pensions

Company Pensions
These pensions are deducted from your salary before tax. Your employer also contributes, and your money is invested with tax relief.

Company PRSAs
Similar to company pensions but through a Personal Retirement Savings Account (PRSA). Contributions are deducted before tax, and your employer can also contribute.

Personal Retirement Bonds
These are lump sums transferred from a company pension when you leave a job. Only one transfer can be made into this pension, and you get tax relief on contributions.

Personal Pensions
These are pensions you contribute to yourself, separate from any company pension. Contributions are invested, and you receive tax relief.

PRSAs
This is a personal pension plan that’s also separate from your company pension. PRSAs can be combined with other pensions, and contributions are invested with tax relief.

Things to Consider When Choosing a Pension

When choosing a pension, here are the key factors to consider:

• Costs
  Look at the Allocation Rate (how much of your investment actually goes into the pension) and the Annual Management Charge (typically around 1%).
• Service
  Get the support you need from your pension advisor for any technical advice or day-to-day questions.
• Fund Performance
  Make sure your pension fund is performing well to grow your money over time and take advantage of compound interest.
• Product Selection
  Different pension providers offer a range of funds, including investments in bonds, property, cash, and shares. Some also offer ethical investments like Clean Energy.

Ready to secure your future?
Contact us today for a personalized pension review and make sure you’re on track for a comfortable retirement. Let’s work together to create a plan that fits your needs!