A pension is a long-term saving plan that helps you save for your future. Unlike a regular savings account, money invested in your pension can earn important tax breaks and when you retire and look for access to your fund, the benefits can be available in a tax efficient way.
A Personal Pension is a pension plan issued by a life insurance company to an individual. There are no employer contributions made to the pension plan and as the name suggests
An executive pension is a defined contribution occupational pension plan, issued by a pension provider to an employer, with an employee/director of the company named as the beneficiary of the pension plan.
A PRSA Personal Retirement Savings Account is a personally owned pension that lets you save for retirement on your own terms A PRSA or "personal retirement savings account"
Allows you to bring your pension benefits with you, if you leave service and have been a member of a Employer Contributory Pension scheme.
An ARF allows you to invest all or part of your pension fund after you retire. You can decide on the type of fund you would like to invest in, and the amount of risk you're comfortable with.
Today, the State Pension (Contributory) is worth about €233.30 per week. We can't predict what will happen, but we do know that starting a pension can give you greater ownership of your future.
The value of your pension at retirement depends on how much you can afford to put away each month,
How much should I contribute? It's one of the most common questions people ask. While there's no minimum amount, the maximum amount you can contribute depends on your age.
|AGE||MAXIMUM CONTRIBUTION BY AGE|
|29 or younger||15% of net relevant earnings *|
|30 - 39 years||20%|
|40 - 49 years||25%|
* These are percentages of your earnings up to €115,000 (in 2015). If you're a professional athlete, your limit will be 30% of earnings, regardless of your age. (Contributions - This section to be entered under each pension option)