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Do I need a Pension Review?
Absolutely. If you haven’t reviewed your Pension recently, you could receive less than you’re expecting on a monthly basis. As you get closer to retirement it might also make more sense for you to make higher monthly contributions as life expectancy has increased over the last number of years.
Reduce Charges
Over the last 15-20 years, pension plans have developed immensely, and one of the main changes is that much lower charges exist with modern pensions. These charges have a direct impact on your returns & benefits you receive from your fund.
Are you paying enough?
If you started your pension a number of years ago.. Due to inflation, would your estimated monthly pension be enough in todays money? Enough to cover any bills you may still have after you retire? Are you now earning much more than when you started your pension and can afford to pay more into your Pension and gain additional tax benefits while growing your pension pot?
Save half your age
As a very rough rule of thumb, you should be aiming to save “half your age” percentage wise. So at age 40, you should be saving 20% of your income into a pension. So if you haven’t reviewed your pension recently, you might need to increase what you’re paying.
Regular Premiums
Regular premiums are much easier to bear. It can be very challenging for self-employed people to find the spare cash to make annual contributions to their pension at the same time as they’re faced with their tax bill. Smaller balancing contributions at the tax deadline can be easier.
State Pension
The maximum state pension is currently 248.30 per week. Also the state pension age is also rising. For people due to retire in 2028 onwards, they won’t receive  state pension until age 68. So you’re looking at low benefit levels and also now waiting longer for them to start.
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Pension Review
Your Questions Answered
A pension plan is a longterm investment savings plan that helps you put something aside for your retirement. A pension plan enables you to pay regular tax-friendly installments or move one-off lump sums into a fund available to you on retirement. The amounts saved into your pension are called ‘contributions’
We’re living longer than previous generations. Upon retirement, on average we will have 20-30 years of retirement. A pension plan will make sure you’re financially sound for these years. Whether you wish to travel, retire to the country, or spend time with your children & grandchildren.
As soon as possible. The money that you pay into your pension grows over time. It’s quite simply Time x Money. The sooner you start paying in; the more money will be available to you upon retirement.
The amount you will receive per month entirely depends on how much you’re willing to pay per month, the length of time you’ve been making contributions, the type of pension plan and its investment return. You can also choose to receive a lump sum upon retirement or not.
As of today, the State Contributory Pension is about €240 per week. For most people, during their 20-30 years of retirement, this simply isn’t enough. When you pay into a pension plan, you will receive both the state pension (If available to you) and your Pension Plan.
Tax relief reduces the actual cost of your pension. You do not have to pay tax on money that you put into a personal pension (This falls within the limits set out below). This is calculated at the highest rate of tax you pay (Currently 20% / 40%)
Example:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60
If you have to retire because of medical reasons and you get Revenue approval, you can receive your benefits from your Pension immediately.
If you unfortunately pass away before you retire, your Pension will be paid to your estate.
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