Pensions

Mention the word "Pensions" to most people and they tend to switch off adopting the attitude I’ll look after that tomorrow, next week, next year or maybe never. There is no good reason for people to adopt such a closeted view. Basically, by making contributions to a pension plan, you are protecting and creating a future income stream for yourself when you retire, be that at 55, 65 or at 75 years of age.

In addition, if you are paying income tax at either 20% or 41%, the tax man is giving you back, either 20 Cent or 41 Cent for every Euro you contribute.

Effectively, a pension plan can be described as a very tax efficient savings scheme which will build into a lump sum available to you when you retire. The money you invest grows tax free within the pension fund, and when you decide to retire you can take 25% of the value of the fund in a tax free cash lump sum. The balance of the fund is used to provide you with an income during your retirement years.

Three good reasons therefore to start a pension, all thanks to the generosity of the tax man.

If you thought the SSIA’s were a good idea, you were right, but contributing to a pension scheme/PRSA for your retirement is even better.

Whatever you might decide to do, the one sure thing you need to do is to seek out independent advice. Call us today for a FREE consultation. It could help to secure your future.

For further information, please contact Pat Nestor, Rachel Taylor or Seamus C Kane by phone at 01-2910800 or by Email at to discuss your options.