Types of Pensions

Private pensions in Ireland encompass various types, including occupational pension schemes offered by employers, personal pension plans initiated by individuals, and self-employed pension arrangements tailored to meet specific retirement needs. Getting a quote is the first step in your journey! Answer a few questions and wait for one of our Advisors to contact you!

What is a 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 €277.30 per week, as of January 2024, commencing at the age of 66, but is due to rise to age 68 in 2028.

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Response from the owner: Hey Yue Zhang,We’re delighted to hear about your positive experience with Isabel. It’s great to know she was able to guide you through your Mortgage Protection, answer your questions clearly, and follow up at the right time to support you.We aim to make the process as smooth and stress-free as possible, so your feedback means a lot to us! If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
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Dont always trust google reviews myself in general, however i honestly cannot highly recommend these guys enough. We very recently dealt with Colin over a couple phone consultations and he gave us alot of his time to advise & help us navigate throught setting up a Life Insurance policy that was tailored to our family needs both now and planned for long into the future. He was very polite, professional and most importantly a genuine friendly guy which was a huge help as i found this type of cover to be a real minefield. Most of all, we always felt at ease as there was no high sales pressure tactics implied and his honesty and expertise helped us make the right decision. Thanks again, Robert+Debbie.
Response from the owner: Hey Robert and Debbie,We’re delighted to hear about your positive experience with Colin. It’s great to know he was able to take the time to explain everything clearly and tailor your Life Insurance policy to suit your family’s needs, both now and in the future.We always want our clients to feel comfortable and supported, without any pressure, so your feedback really means a lot to us. If you ever have further questions or need assistance down the line, don’t hesitate to reach out.Best Regards,LowQuotes Team
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Response from the owner: Hey Fintan,We’re delighted to hear about your positive experience with Bernadine. It’s great to know she was able to explain everything clearly, keep you informed throughout, and secure such a fantastic rate for your mortgage. We aim to make the process as smooth and stress-free as possible, so your feedback means a lot to us!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Sinead L.
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Roxana-Maria S.
We had the pleasure of working with Conor in securing us the best deal for our life insurance (for a house purchase) and he went above and beyond to help us. Very responsive to our questions and changes that we asked for in the policy documents.He managed to get us sorted very fast and I highly recommend him and this company for all your insurance needs!
Response from the owner: Hey Roxana-Maria,We’re delighted to hear about your positive experience with Conor. It’s great to know he went above and beyond to answer your questions, make the adjustments you needed, and secure the best deal for your life insurance. We always aim to make the process fast, clear, and stress-free, so your feedback means a lot to us!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Alan O.
Alan O.
Excellent experience. I have never used Low Quotes before. Prices offered were most competitive and process of arranging life cover was seamless. Mail was a pleasure to deal with. Best experience I have had arranging cover on phone. Great Service
Response from the owner: Hey Alan,We’re delighted to hear about your positive experience with Maik. It’s great to know he made the process of arranging life cover seamless and that you found our prices competitive. We aim to make arranging cover over the phone as clear and stress-free as possible, so your feedback means a lot to us!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Amanda G.
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I had the pleasure of being acquainted with Niamh via low quotes. She was professional, friendly, knowledgeable and efficient. Niamh went above and beyond her duties to ensure I had the best support and mortgage offer. From start to finish, Niamh was diligent and helpful. I would recommend Niamh to anyone who is looking for a mortgage broker who will safeguard their best interests and provide support.
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Dominika
Dominika
Isabel was very professional and helpful, we are very happy with the life insurance contract we signed.
Response from the owner: Hey Dominika,We’re delighted to hear about your positive experience with Isabel. It’s great to know she was professional and helpful in guiding you through the process, and that you’re happy with your new life insurance contract.We aim to make everything as clear and straightforward as possible, so your feedback means a lot to us! If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
xo
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Highly recommended! I had help from Isabel, who was always friendly and patient. It took us quite a long time to finally get cover for mortgage protection due to a few health issues, but we got there in the end! She made the process easy, and was constantly calling up whenever there was queries and delays. The whole experience was really good, I was never waiting long for a reply, any time I called she picked up straight away. Took away a lot of the stress associated with struggling to find cover! Thanks a million 🫶🏼
Response from the owner: Hey xo,We’re so pleased to hear about your positive experience with Isabel. Getting mortgage protection in place can sometimes be a longer journey when health factors are involved, but we’re delighted that Isabel’s patience and support made the process as smooth and stress-free as possible for you.It’s great to know you felt looked after every step of the way, quick responses and clear communication are exactly what we aim for. Thank you so much for recommending us, and we’re thrilled to have helped you secure your cover in the end!Best Regards,LowQuotes Team
Ana Caroline S.
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Colin was a pleasure to deal from start to finish, he made everything so simple.He gave us all options and once we made our decision it was all done very fast.I would 100% recommend Colin with no hesitation.
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Types of Private Pensions in Ireland

There are two main types of pensions in Ireland:

Occupational/Company Pension

Provided by your employer, an occupational pension scheme allows you to save for retirement through contributions from both you and your employer.

Occupational pensions bring several advantages to employees and employers alike. 

They offer tax-efficient retirement savings for employees while accelerating pension growth through employer contributions, rather than just relying on the employee’s own contributions. 

This essentially provides free money for your retirement fund.

Types of occupational pensions:

Defined benefit 

A Defined Benefit (DB) pension outlines the precise retirement benefit an individual will receive. 

This determination considers variables like an employee’s years of service and salary, which in turn determines the predetermined pension amount and/or lump sum that will be disbursed upon retirement.

Defined contribution 

For Defined Contribution (DC) pensions, the amounts available for benefits at retirement or leaving service depend on the value of the investment fund accumulated for the member, and there is no guarantee of any minimum benefit. 

Most funded occupational pension schemes and all personal pensions are defined contribution.

Difference between defined contribution and defined benefit

The main difference between a Defined Benefit (DB) pension scheme and a Defined Contribution (DC) pension scheme lies in the guarantee of a set income in the former, while the latter depends on variables like your pension contributions and the performance of the fund.

Personal Pension

A personal pension, also known as a private pension, is a retirement savings plan you set up independently. You have control over your contributions and investment choices. 

Personal pensions are individual savings contracts created to deliver retirement benefits. These pensions include various options, such as a Personal Retirement Savings Account (PRSA), and Personal Retirement Bonds.

What is a PRSA pension?

A PRSA (Personal Retirement Savings Account) is a privately owned pension plan that offers flexibility in saving for retirement. 

With a PRSA, you have the freedom to make contributions at your convenience and can also choose to discontinue contributions whenever you wish.

Anyone can join a PRSA, regardless of their employment status. Whether you are self-employed or employed by a company, you can establish and maintain a PRSA.

What is a PRB?

A Personal Retirement Bond (PRB) is an individual policy established by pension scheme trustees to secure retirement benefits for a former member of the scheme. 

Essentially, if you leave a pension scheme, you have the option to transfer your pension benefits by having the fund’s value invested in a bond.

If you are considering leaving your current employer, especially if you are a member of the group pension plan, a Personal Retirement Bond (PRB) can be an excellent choice. 

Features

Suited for those seeking broad-ranging investment options with no contribution charges & are likely to continue as a sole trader until retirement. The 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 jobs, you take your Personal Pension with you.

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Get Tax Relief 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 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.

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.

Warning: Past performance is not a reliable guide to future performance.      

Warning: The value of your investment may go down and up.      

Warning: If you invest in this product, you will not have any access to your money until you retire.   

Warning: If you invest in this product, you may lose some or all of your investment.     

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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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