Pensions / Retirement

The Golden Years. We all dream about them. Today it is possible that your retirement years could last as long as your working career. Will your retirement plan last as long as you will? The good news is you have options. Below is a brief out line of pensions and retirement options, Follow the links to find out more or contact us and we will be happy to go through the options with you and answer any questions you might have.

Pensions are a very tax efficient structure to save for your retirement for a number of reasons. Your employer can contribute to a fund on your behalf. You get tax relief on your personal contributions. All contributions benefit from tax free compounding growth within the pension structure. At retirement a portion of your fund can then be taken tax free, with the balance to be used to provide an income in retirement and/or be drawn down as tax efficiently as possible. Bearing all of this in mind, the earlier you start funding, the greater your fund at retirement will be, as you benefit from compounding interest for a longer period of time.

Pensions are confusing, as there are a number of different types of pension vehicles that are used to accumulate a fund to provide a pension in retirement. They are namely:

• Personal Pension Plan
• Personal Retirement Savings Account (PRSA)
• Executive Pension
• Group Pension/Company Pension Scheme
• Additional Voluntary Contributions (AVCs)/ PRSA AVCs
• Retirement Bond / Buy-Out Bond
• Pension Contributions and Income Tax Relief

The correct one for you to use will depend on where your earnings come from and your specific situation. So make life easier for you and the ones you love call us today, and let us setup your financial plans for the future.

It is highly likely, in the Ireland we live in today, that during a person’s working lifetime they accumulate a number of different pension policies.

Whether you have accumulated a number of funds or indeed a single arrangement, the decisions you make at retirement stage are crucial to your income in retirement and how your funds are subsequently distributed. Before you decide to draw-down or retire any of your pension funds it is critical that you get good professional advice. This is a very complex area and the benefits you are entitled to at retirement depend on the pension structure you retire your funds from.

Your options at retirement

At retirement your options regarding your accumulated pension funds include:

• Take a Retirement Lump Sum
• Purchase a Guaranteed Income for Life (ie: An Annuity)
• Invest in an ARF/AMRF structure

The three options are explained in some detail on our “Retirement Advice page, Click here to find out more .”