If you want to enjoy a peaceful and stable retirement, investing in a pension is a very smart choice. This will allow you to save money in the long term and use your savings when the time is right. Our qualified financial advisers help you find the best pension solution.
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Pension Advice Dublin
Nearly half of Irish workers do not have a pension. The state pension alone may not be enough to support your lifestyle when you retire. This is why investing in a pension can be a great solution. Whether you are an employee, self-employed, a company director or already retired, you will benefit from our retirement planning services.
Managing and choosing your pension can be complex, at Greenway Financial Advisors, we help you make the right decisions for your future. Our financial advisors help you choose the right pension plan by comparing multiple options and finding the one that suits your needs. We save you time and better understand the different options available to you.
For individuals who already have a pension, we can give you advice on how to use it. Our pension advice service can also include a review of your pension to establish that it really meets your needs.
Who can get it?
- Employed, self-employed, retired individuals
- Individuals who already have a pension or want to get one
- Individuals who want to unlock their pension early
- Comparing major Irish providers
- Projections on monthly payments
- Detailed product report
- Long term support for your pension
- Advice on how to use your pension
- Availability for any questions
Why should I have a pension?
- The state pension may not be enough
- Income tax relief and tax-free cash sum at retirement
- You get Income tax relief on your contributions
- How else are can you achieve financial independence in old age?
It is important that pensions are set-up correctly, with the right investment strategy, and the best possible costs for you. Our financial advisors work hard to make sure that your pension savings are being optimised. We spend significant amounts of time researching and negotiating with product providers to find the best pension plan for you.
Retirement and Pension Planning can be overlooked by people in their late twenties, early thirties, or even their forties. So keep in mind that the earlier you begin planning your pension, the more time you will have to build up your savings.
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What is a Pension?
Pension funds are investment products, which means that the value of your fund can fall as well as rise.
Types of Pensions
- PRSAs (Personal Retirement Savings Accounts)
- RACs (Retirement Annuity Contracts, also called Personal Pensions)
- Employer Pension Schemes
- Small Self-Administered Pension Schemes
- AVC (An Additional Voluntary Contribution you can make in addition to an existing pension).
- Annuities (A contract with a life insurance company to pay you a guaranteed, regular retirement income for life, in return for a capital sum)
- ARF (An Approved Retirement Fund, which you invest in after retirement, using funds from your pension scheme. This is an investment fund, and you receive income each year by making a drawdown from your fund each year, usually of 4% to 5%. As with all investment funds, there is a risk that the value may fall as well as rise)
- Annuities and ARFs are not the Pensions that you pay into during your working life. They are two options for how you can use your Pension Fund after you retire.
Pensions Vs Savings
A pension fund is a superior plan for retirement compared to savings for a number of reasons:
Interest rates are currently very low. This means any funds held on deposit are unlikely to substantially increase in value.
By comparison, Pension funds are designed to be kept for 20 years or longer. For many funds, you will have no access until your normal retirement age, between age 65-67.
This should give your fund enough time to recover growth if it falls in value. The longer you keep your contributions invested, the more likely your fund will grow in value.
How do i begin?
Usually working with an advisor, you will complete a questionnaire that determines your attitude to risk. This can help you to decide the type of fund to choose.
Your pension provider will have different funds to choose from, that are categorised based on their risk level. A higher risk fund has the potential for higher returns, but also greater losses, and vice versa for lower risk funds.
Your Pension Portfolio will also often have a Management Strategy, where the risk profile of the fund is gradually reduced as you approach your retirement age. The object is to take less risks with your pension fund as you’re going to need it soon.
How does a Pension work?
Pension funds are used when you retire to provide a source of income in retirement, in addition to the State Pension. The average full-time wage in Ireland is €37,646 p/a, according to the CSO.
The State Pension is roughly €12,911.60 p/a. This is a dramatic shortfall for most people, even if their mortgage has been cleared, and they no longer have housing costs.
Your employer may have their own scheme that you join, where they aim for a fund that replaces a certain percentage of your final salary, or an average of your service.
Otherwise, if you’re arranging your own pension provision, you can aim to either replace a certain percentage of your salary, e.g. 60%, or aim to build a fund that is a multiple of your salary, e.g. 12 times your salary.
What's the Benefit To me now?
While you’re building your pension fund, you can also benefit from Tax Reliefs on these contributions.
Over your working life, you’re entitled to claim tax relief on your contributions as a % of your salary. This % depends on your age, getting higher as you get older.
For example, making a contribution of €100 could cost you €80 or €60, depending on your rate of income tax.
If you’re 40, and earn €55,000 p/a, you could make a contribution of €1,145 per month, at a cost to you of €687.50 per month.
You can see your Tax Relief Limits Here, at the Pensions Authority website.
Greenway can advise and arrange the following products:
- Irish Life Pensions
- Zurich Pensions
- New Ireland Pensions
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Greenway Financial Advisors Limited is regulated by the Central Bank of Ireland. Registered No. C168372