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.

Start your journey today. Take the first step to achieve all your financial goals.

Google Reviews

LowQuotes.ie
4.9
Based on 1386 reviews
Jennifer D.
Jennifer D.
⭐ Testimonial for Séamus and Courtney at Low QuotesWe genuinely cannot put into words how grateful we are to Séamus and Courtney at Low Quotes for everything they have done for us. Securing mortgage protection was by far the most difficult and emotionally exhausting part of our home buying journey, and after being let down by multiple brokers who either gave up on us or offered no real guidance, we had almost lost hope.Séamus and Courtney were the only two people who not only took the time to understand our situation, but who gave us real support, reassurance, and above all solutions! From the very beginning, they were compassionate, responsive, and entirely committed to helping us overcome the challenges we faced due to a complex medical issue. Where others simply said “no,” they said, “let’s find a way.”They gave us their personal phone numbers, kept us updated daily, and guided us through every step of the process from gathering medical documentation, to structuring our application, to understanding exactly how underwriting would work. They were open, honest, and incredibly knowledgeable. But more than that, they treated us like people, not just a case.We can say without hesitation that we would not have secured mortgage protection and therefore our home without their help. Thanks to Séamus and Courtney’s dedication and industry insight, we are now moving into our forever home. This was not just exceptional service this was the best customer experience we’ve ever had, in any industry.We will never forget what they did for us, and we will be recommending Low Quotes to absolutely everyone we know.From the bottom of our hearts — thank you Séamus and Courtney. You’ve changed our lives.Jennifer & Mark
Response from the owner: Hey Jennifer & Mark,Thank you so much for your heartfelt review. We’re truly moved by your kind words and so glad that Séamus and Courtney were able to support you through such an important and emotional part of your home-buying journey.It’s incredible to hear how their dedication, compassion, and persistence made a real difference. At LowQuotes, we believe every client deserves to be treated with care and understanding, and your story is a powerful reminder of why we do what we do.We’re absolutely delighted that you’re now moving into your forever home — what an amazing milestone! Séamus and Courtney will be so proud to know they helped make that possible.Wishing you all the best in this exciting new chapter, and thank you again for trusting us and sharing your experience. If you ever need anything in the future, we’re always here.Best regards,LowQuotes Team
Luboslava S.
Luboslava S.
Niamh was really helpful and patient with all our questions and issues during our journey. Thank you
Response from the owner: Hey Luboslava,We’re delighted to hear about your positive experience with Niamh. It’s great to know she was so helpful and patient throughout your journey. We always aim to provide clear, supportive guidance, so your feedback truly means a lot!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best regards,LowQuotes Team
Joachim F.
Joachim F.
Exceptional service, Colin and Courtney went above and beyond to get my policy sorted, it was a tough task but they stayed the course and got it sorted. Genuinely cannot recommend them enough.
Response from the owner: Hey Joachim,We’re delighted to hear about your positive experience with our team. It’s great to know they went above and beyond to get your policy sorted, even with the challenges involved. We always aim to make the process as smooth and stress-free as possible, so your feedback really 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
kul G.
kul G.
Very professional and extremely helpful while explaining all the importance and benefits of mortgage protection insurance.Aoife Morgan helped me get the best quote for my mortgage protection insurance and she is very willing to help at all times by email or phone.
Response from the owner: Hey Kul,We’re delighted to hear about your positive experience with Aoife Morgan. It’s great to know she was able to clearly explain the importance and benefits of mortgage protection insurance and help you secure the best quote. We’re especially glad to hear she was so responsive and supportive throughout the process.If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best regards,LowQuotes Team
Jikku bijy M.
Jikku bijy M.
Great experience with Ross throughout the process.
Response from the owner: Hey Jikku,We’re delighted to hear about your positive experience with Ross. It’s great to know he was able to support you throughout the process and make everything run smoothly. Your feedback is very much appreciated!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best regards,LowQuotes Team
Ib
Ib
Ross was very helpful. He gave a variety of options and explains the benefits of each of them. It was also quick, easy and straightforward to get everything done and get the cover I needed.
Response from the owner: Hey Ib,We’re delighted to hear about your positive experience with Ross. It’s great to know he provided a variety of options and clearly explained the benefits of each, making the process quick, easy, and straightforward. That’s exactly what we aim for!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best regards,LowQuotes Team
Sophie D.
Sophie D.
Niamh was absolutely phoenomenal. We hadn’t a clue what we were at and she held our hand from the word go. We also had a couple of not so straight forward issues which she managed like an absolute pro. Seriously cannot recommend Low Quotes (in particular Niamh) enough!!!
Response from the owner: Hey Sophie,We’re delighted to hear about your positive experience with Niamh. It’s fantastic to know she was there to guide you from the very beginning and handled everything — even the tricky bits — like a true pro. We’re so glad she made the process smooth and stress-free for you!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best regards,LowQuotes Team
Rahul H.
Rahul H.
Got the best quote and Aoife was super helpful in walking us through the details and sharing recommendations.
Response from the owner: Hey Rahul,We’re delighted to hear about your positive experience with Aoife. It’s great to know she helped you secure the best quote and guided you through all the details with helpful recommendations. That’s exactly the level of support we aim to provide!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best regards,LowQuotes Team
martin M.
martin M.
Very helpful and informative and saved us money too!
Response from the owner: Hey Martin,We’re delighted to hear about your positive experience! It’s great to know we could help make things clear and even save you some money along the way — that’s exactly what we aim for.If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Rachael B.
Rachael B.
Niamh was absolutely amazing to deal with. She was informative about our mortgage options as we were coming to the end of our fixed term. She gave us great advice about how we could save money each month. She also helped us with our life insurance and made sure our family was well covered if the worst should happen. I couldn't recommend Niamh enough!
Response from the owner: Hey Rachael,We’re delighted to hear about your positive experience with Niamh. It’s great to know she was able to clearly explain your mortgage options, offer money-saving advice, and ensure your life insurance gave you peace of mind. We aim to make the process as smooth and supportive as possible, so your feedback means a lot!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Siobhan R.
Siobhan R.
We dealt with Craig for our mortgage protection, he was super helpful, explained everything clearly and was very professional. Very quick and easy service, highly recommend.
Response from the owner: Hey Siobhan,We’re delighted to hear about your positive experience with Craig. It’s great to know he explained everything clearly and made the process quick and easy for you. We aim to make mortgage protection as straightforward and professional as possible, so your kind words mean a lot!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Tracy C.
Tracy C.
Craig was extremely helpful and very thorough covering all the options available. Answered all my questions. Getting my policy set up was very quick and easy. Highly recommended
Response from the owner: Hey Tracy,We’re delighted to hear about your positive experience with Craig. It’s great to know he was thorough, helpful, and made the process of setting up your policy quick and easy. We always aim to make everything as clear and stress-free as possible, so your feedback means a lot to us!If you ever need anything else, don’t hesitate to reach out.Best Regards,LowQuotes Team
Laurence M.
Laurence M.
We used LowQuotes for our Mortgage Protection Policy. Anna couldn’t have been any more helpful and professional. We needed the policy activated as soon as possible and she turned it around extremely quickly for us with no delays. Would definitely recommend.
Response from the owner: Hey Laurence,We’re delighted to hear about your positive experience with Anna. It’s great to know she was so helpful and professional throughout the process. We’re especially glad she could activate your Mortgage Protection Policy quickly and without delays — timing is everything!If you ever need anything else in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
cameron
cameron
Cormac was great to deal with and was able to run through all of my options quickly and efficiently.
Response from the owner: Hey Cameron,We’re delighted to hear about your positive experience with Cormac. It’s great to know he was able to walk you through all your options quickly and efficiently. We always aim to make the process as smooth 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
Carrie M
Carrie M
Excellent service. Shaun was extremely helpful and gave good advice!
Response from the owner: Hey Carrie,We’re delighted to hear about your positive experience with Shaun. It’s great to know he was extremely helpful and provided solid advice throughout the process. We aim to offer excellent service and clear guidance, so your feedback is truly appreciated!If you need anything else in the future, feel free to reach out.Best Regards,LowQuotes Team
Chibuzor U.
Chibuzor U.
Customer service personnel, Maik Ikpomwen is very good, as he took his time to explain the cover very well to my understanding.He was patient to answer all my questions.
Response from the owner: Hey Chibuzor,We’re delighted to hear about your positive experience with Maik Ikpomwen. It’s great to know he took the time to explain everything clearly and patiently answered all your questions. We aim to make the process as smooth and understandable 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
Jeffery C.
Jeffery C.
Brilliant service, highly recommended.
Response from the owner: Hey Jeffery,We’re delighted to hear you had a brilliant experience with our service. Your recommendation means a lot to us! We always aim to make the process as smooth and helpful as possible. If you ever need anything else, don’t hesitate to reach out.Best Regards,LowQuotes Team
rosemary K.
rosemary K.
excellent customer service colin was professional and i was happy with the results would highly recommend
Response from the owner: Hey Rosemary,We’re delighted to hear about your positive experience with Colin. It’s great to know he was professional and able to assist you effectively. We aim to make the process as smooth and understandable 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
Caobhlinn G.
Caobhlinn G.
We had the lovely Maik helping us out with out with our application. He was extremely understanding, incredibly kind and so professional. He made the process so easy for us! I think Maik might be the most outgoing person I've spoke to! Thank you Maik!! 10/10
Response from the owner: Hey Caobhlinn,We’re delighted to hear about your positive experience with Maik. It’s great to know he was understanding, kind, and made the process so easy for you. We completely agree – his outgoing nature really makes a difference! We aim to offer a professional yet friendly service, so your feedback means a lot to us. If you need anything else down the line, don’t hesitate to reach out.Best Regards,LowQuotes Team
Louise D.
Louise D.
I would 100% recommend to get insured through these. I was looking online, vague idea of what I Wanted and Colin from low quotes helped me understand so much, answered every question I had, listened to what I was looking for and set me up with the best quote, now I feel safe and secure in this decision that I made for my Family.
Response from the owner: Hey Louise,We’re delighted to hear about your positive experience with Colin. It’s great to know he helped you understand your options clearly and supported you every step of the way. Making sure you feel safe and secure in your decision is exactly what we aim for!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
js_loader

Start a Retirement Planning today and secure the future of your dreams!

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!

Your journey towards financial freedom starts here!

After you download your guide, one of our expert Financial Advisors will be in touch shortly to provide you with guidance and further relevant information to build you a customised retirement plan.

Meet our Team of Expert Advisors

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.

Begin building the foundation for your financial success today.

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.

Would you like to speak to an advisor?

Our award winning team is always here to help you.

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.     

Warning: This product may be affected by changes in currency exchange rates. 

You may also be interested in...

Follow us on Social Media

Follow us on social media to stay in the loop with exclusive content that will help you achieve your financial goals.

Career opportunities at LowQuotes.

Here at LowQuotes, we want to ensure that our clients receive the highest standards of service.  If you have a passion for connecting with people and aspire to thrive in a culture built on trust, integrity, dedication, and excellence, this could be the perfect fit. 

No Fields Found.
insurance advisor

Quick Call Back

Enter your details below and a Financial Advisor will call you back promptly.

Contact Info

Coronavirus Covid 19 Information

We would like to assure our customers that although this Worldwide Pandemic has struck our Nation hard, we are still here for our new and existing customers. All phone calls and emails will be dealt with accordingly.

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.

All Consultations will be held by Phone or Online via Computer/Smart Device to remove face-to-face interactions and keeping in line with social distancing guidelines recommended by the Government.

We at Lowquotes.ie hope you, your family and your loved ones stay safe & healthy in this time.