Start a Self-Employed Pension

Save for your pension & pay less tax as you do

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What is a Personal Pension Plan?

This is an investment plan that helps you save for retirement. A Personal Pension Plan is suited to those who are self-employed, or whose employer doesn't provide a pension scheme.

Features

  • You make all of the contributions, unlike a company Pension where your employer may make additional contributions.
  • The plan is held in your name.
  • You control how much you contribute towards your pension.
  • On retirement you can take a tax free sum of 25% of your pension.
  • Tax relief available – reducing the real cost of your pension.
  • Contributions start that suit your income at €100 per month.
  • If you change job, you take your pension with you.

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Need More Information?

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Fill in your details to start saving for your Self Employed Pension.

Or freephone us on
1800-828-800

Start your Personal Pension Plan today.

You can call our Financial Advisors for free. Someone is always available to take your call and discuss your Pension options. Or you can schedule a call-back for a time that suits you best.

Your Questions Answered

Most frequently asked questions and answers

An 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.

Reduce your Income Tax Bill with a Pension

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 1:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60

Example 2:
An employee who is aged 42 and earns €40,000 per year
can get tax relief on annual pension contributions up to €10,000.

There are no limits on the total amount you can pay into your pension, but tax relief is only available on the percentage amounts of your income and age outlined below. 

Age during the year

Percentage of earnings

Under 30

15%

30 to 39

20%

40 to 49

25%

50 to 54

30%

55 to 59

35%

60 +

40%

*Data according to Aviva & Zurich Pensions Dec 2019. Percentages shown are of earnings up to €115,000. If you’re a professional athlete, your limit will be 30% of earnings. These figures are subject to change in the future.

Personal Pensions was last modified: April 22nd, 2020 by LowQuotes

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