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If you have a private pension in Ireland, chances are you set it up a while ago and haven’t thought about it since. And fair enough—pensions aren’t exactly top of the to-do list.
However, taking a little time to review your pension this year could make a big difference to your future. And it’s easier than you might think.
Here are six smart (and surprisingly simple) reasons to give your pension a quick check-up:
You Might Be Paying Too Much in Fees
Reviewing your pension can help you understand and minimise the fees you’re being charged, so more of your money goes towards your future, not administrative costs.
Every pension plan has some level of charges, such as management fees, fund costs, or admin expenses. While they might seem small, over the years, they can take a serious bite out of your retirement pot.
Some older pensions come with higher charges than the more modern plans available today. By checking in on your fee structure, you can see whether you’re getting good value or if it’s time to move to a more cost-effective option.
Your Investment Mix Might Be Off
Your pension money is invested to help it grow. But if you haven’t looked at it in a while, your investments might no longer match your goals. You could be taking on more risk than you’re comfortable with, or playing it too safe and missing out on growth.
A pension review gives you the chance to rebalance your investments so they align with your current goals, age, and attitude to risk.
It’s also a good time to make sure your portfolio is well-diversified, meaning your money is spread across different types of funds. Diversification can help reduce risk and keep your pension on track, even when markets are unpredictable.
You Could Be Missing Out on Free Money and Tax Savings
A pension review isn’t just about checking your balance—it’s about making sure you’re not missing out on valuable benefits.
For example, you could be eligible for up to 40% tax relief on your contributions, depending on your income. If you’re not using your full annual allowance, you might be leaving money behind that could be working for your future. A quick review can help identify room to top up and save on tax.
If you’re part of a group pension scheme through your job, reviewing your plan regularly is especially important, as these often come with evolving terms or extra benefits. And don’t forget about employer contributions—if your employer matches your payments, it’s a tax-efficient way to boost your pot that you won’t want to miss.
Your Funds Might Be Underperforming
Your pension funds might not be performing as well as they could, and you might not even realise it. Markets change, and not all funds keep up. A fund that performed well five years ago might now be falling short. That’s why it’s worth checking if your money is still in the right place.
If your investments are too cautious, you might be missing out on growth. Too aggressive? You could be taking on more risk than you’re comfortable with. A quick review can help you reassess your fund choices and make sure they match your current goals and risk tolerance.
Get a clear picture of your retirement – review your pension now!
Your Life Has Probably Changed
Life doesn’t stand still—and your pension shouldn’t either. Whether you’ve started a new job, bought a home, had a child, had a payrise or experienced any other big milestone, these changes can affect how much you need to save or how soon you want to retire.
Even without major life events, your goals and outlook might change over time. That’s why it’s important to regularly check that your pension still lines up with your current circumstances and future plans.
Better Pension Options Are Out There
Pensions in Ireland have come a long way. New products might offer more flexibility, better growth potential, or lower charges than what you signed up for years ago. A review gives you a chance to compare what’s available and make sure your pension is working as hard as it should be.
How Often Should You Review Your Pension?
Generally, you should review your pension every 12 months. You should also take a look at whether your circumstances have changed, because those changes could impact how much you need for retirement or how much you can afford to contribute right now.
Here are some life events that should trigger a pension review:
- Getting married
- Having children
- Getting an increase in your salary
- Moving abroad
- Taking on a mortgage
- Receiving an inheritance
If any of these sound familiar, it’s a good time to check in on your pension.
Strategies for Retirement Planning at Each Age
Your pension strategy should grow with you. Here’s a quick guide to what to focus on at each stage:
In Your 20s
If you’re in your 20s, this is the perfect time to lay a strong foundation for your future retirement. Starting early, even with small contributions, gives your money decades to grow through the power of compounding.
At this age, you can also afford to take more investment risk, which can lead to higher potential returns over time. It’s a good idea to explore growth-focused funds while you’re still far from retirement.
In Your 30s
In your 30s, it’s a great time to build momentum with your pension. As your income grows, increasing your contributions—even slightly—can make a big difference later.
You may also be planning for a family or buying a home, so it’s important to factor those future needs into your financial planning. It’s also smart to review your investment choices now to make sure they still match your goals and risk tolerance.
In Your 40s
In your 40s, retirement starts to feel more real, so it’s time to get serious about your pension. Keeping track of your pension pot’s progress helps you see if you’re on target or need to make adjustments. At this stage, you’re allowed to contribute a higher percentage of your income and claim valuable tax relief, so it’s worth making the most of it.
If you’ve had a few different jobs over the years, you might also have multiple pension pots. Now is a good time to review and consider consolidating them for easier management and potentially lower fees.
In Your 50s and 60s
In your 50s and 60s, the focus shifts from building your pension to getting ready to use it.
Your 50s are a key time to catch up on contributions if you’re behind and to start reducing investment risk to protect what you’ve built. It’s also a good point to start thinking seriously about when you want to retire.
By your 60s, it’s all about making informed decisions—whether that’s taking a lump sum, choosing an annuity, or setting up an ARF. You’ll also want to review your income needs in retirement and consider how your pension might support loved ones in the future.
What a Pension Review Looks Like
Not sure where to start with your pension review? That’s completely normal. A review simply helps you understand where things stand and whether any changes could improve your long-term outcome. Here’s what we typically look at:
- The current value of your pension
- The funds you’re invested in
- Any fees or charges you might not be aware of
- How well your pension aligns with your goals
- Whether you’re using the available tax relief effectively
If we spot any areas for improvement, we’ll talk you through them in straightforward terms—so you can decide what’s right for you.
Let’s review your plan and bring clarity to your retirement journey.
Review Your Pension With LowQuotes
If you’ve had your pension for a while and you’re not sure how it’s performing, now’s a great time to take a fresh look. A pension review with LowQuotes could help you cut unnecessary costs, grow your savings faster, and make sure you’re on track for the retirement you want.
Our financial advisors make the process simple, clear, and tailored to you. Your pension is one of your most powerful financial tools—don’t leave it on autopilot. Let’s make sure it’s working hard for your future.
We provide various financial services, such as life insurance, income protection, mortgages, serious illness cover, pensions, financial planning, health insurance, and savings & investments.
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