A long term, tax efficient savings plan designed to provide an income for you in retirement. A pension provides tax efficient saving’s that grows over time.
What happens when you retire?
Peace of mind
People are living longer and healthier lives which means that your pension can help you ensure that your retirement years are spent doing more of the things you love.
Save more than you think
Government offerings of generous tax relief on pension contributions, starting your pension now could be one of the best financial decisions you make.
Protecting your future
Ireland's State Pension (Contributory) stands at just over €260 per week, less than half the current average industrial weekly wage. Starting a pension today will help maintain your standard of living.
Benefits for employers
Reward staff by contributing to their pensions.
Types of Pensions
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Retirement
When you retire you will have a number options you can do with your pension fund. At retirement a common option is to re-invest your pension fund in an Approved Retirement Fund (ARF). You should seek advice prior to retirement to explore all options available to you.
Annuity
A contract with a life insurance company that will pay you a guaranteed, regular pension income (subject to income tax and Universal Social Charge (USC)) for life in return for you paying a fixed sum of money to an insurance company from your retirement fund.
What is an Approved Retirement Fund (ARF)?
A personal retirement fund where you can keep your money invested after retirement. Withdrawing from it regularly to give yourself an income, subject to income tax, PRSI (up to age 66) and USC. Any money left in the fund after your death can be left to your next of kin. There are certain restrictions to investing in an ARF.
Speak to an advisor when you are deciding what to do with your pension fund.