Personal Pensions

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What is a Personal Pension & Who is it for?

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

Personal Pensions are relatively straight-forward and easy to set up. Our expert Pension advisers can guide you towards the latest most suitable funds to maximize your returns from your new Pension.

Without a private pension plan, any self-employed Irish person will have to rely solely on the State Pension. This is currently only €248.30 a week as of 2021, commencing at the age of 66, but is due to rise to age 68 in 2028.

You have two primary choices of pension plan as a sole trader/self employed individual – a Personal Pension Plan, or a Personal Retirement Savings Account.



Suited for those who are seeking broad-ranging investment options with no contributiuon charges & are likely to continue as a sole trader into the future until retirement. Minimum drawdown age on a Personal Pension is age 60 and a 25% tax free lump sum (As is with a PRSA), also with the option to purchase an Annuity / Reinvest in an ARF/AMRF using the remaining 75%.

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 Personal 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 from €100 per month.
  • If you change job, you take your Personal Pension with you.

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%).

Pension Income Tax Relief on Personal Pension Schemes is available at your marginal rate of tax and is capped at an income of €115,000. If you are self-employed, you must include your pension contributions in your self-assessed tax returns in order to claim the below percentages. Any payments that exceed the limit for the year can be carried forward into the following year. The max contibution age is 75 years old.

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.

Example 1:
Monthly contribution = €100
Tax Relief (40%) = €40

Cost to you = €60

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


30 to 39


40 to 49


50 to 54


55 to 59


60 +


*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.

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%)

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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In the unfortunate circumstance that a customer contracts COVID-19 and dies, our life policies would pay out in line with our usual claims philosophy.

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