During your lifetime, it is highly likely that you will have paid into more than one type of Pension plan. Regaining access and combining these Pensions into a single plan can lead to reduced fees, charges and commissions, also ease of administration by just having one Pension provider.
If you have been self-employed or in non-pensionable employment you may have paid into a Personal Pension or a Personal Retirement Savings account.
If you have been an employee you may have paid into a Defined Contribution or Defined Benefit Pension -(If you’ve had more than one job).
These benefits often include annual returns, risk exposure, investment strategies or management rates.
It makes sense to consolidate all your funds into a single diversified high-growth fund. This way communication and control of your investments is greatly improved.
That you may be able to access up to 25% of your pension tax free at age 50, instead of waiting until retirement.
Planning for retirement is a significant milestone. Whether you’re just starting to think about retirement or are already well into your retirement journey, this guide will help you make informed decisions and create a retirement plan that aligns with your financial goals. And it’s totally FREE! Don’t wait, download now!
Deciding whether to transfer your pension involves considering various factors tailored to your situation. With Defined Contribution pensions, which involve contributions from both you and your employer, you can typically move them to other contributory pensions, Personal Retirement Savings Accounts (PRSAs), or Personal Pension Plans (PPPs) at any time. However, transferring Defined Benefit pensions, which offer fixed retirement amounts, is more complex due to potential loss of accrued benefits, requiring careful consideration and advice. Some companies may offer improved transfer values for Defined Benefit pensions, but understanding the pros and cons is crucial. Transferring to a PRSA provides flexibility, especially for those transitioning from employment to self-employment, allowing adjustable contributions to suit income fluctuations. Alternatively, starting a Personal Pension or PPP is suitable for newly self-employed individuals, enabling both personal and company contributions with associated tax relief. Evaluating your risk tolerance and financial goals is vital for optimizing pension transfer decisions.
The method of transferring your pension depends on your current pension type(s), age, current contributions, provider & estimated retirement needs. Different combinations of options will be available to you. It’s best to speak to one of our Pension Advisors to find the best advice.
1. Get in touch with our expert pension advisers.
2. We will send you a letter of authority by Docusign, Email or Post, depending on the provider.
3. Our free & easy to understand Pension Report will outline your Pension Transfer options from every Pension provider.
4. We will speak to you about your options and advise you on the best course of action.
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.
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
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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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