PENSIONS
A pension is our tool of choice for reaching financial independence in the fastest most tax efficient way. Unfortunately they can be complex so advice at every stage is vital.
From choosing the right structure and investment strategy to deciding when and how to draw benefits, every decision can have a lasting impact. Our role is to make those decisions clear, strategic, and aligned with your long-term goals; so your money works as hard as you do.
Starting a Pension
If you don’t have a pension yet, now is the time to start. We’ll help you understand how much to contribute, what pension is best for you, and how to invest it to maximise gains.
Review existing Pension
Already have a pension? We’ll review your current plan and any old pensions to assess charges, investment strategy, and retirement goals to ensure you’re on track.
Preparing to Retire
Retirement is approaching; now’s the time to make smart decisions about your options: ARF, annuity, tax-free lump sum, and timing. We’ll help you design a strategy for financial confidence in retirement.
Frequenty Asked Pension Questions
1. When is the right time to start a pension?
The best time to start is always now. The earlier you begin, the more time your money has to grow through investment returns and compound interest. But even if you’re starting later in life, you can still take advantage of generous tax reliefs and catch-up contributions.
2. How much should I be contributing to my pension?
That depends on your age, income, and what kind of retirement you want. A good rule of thumb is to aim for at least 10–15% of your income, but we’ll calculate an amount that’s right for you - taking your other assets and goals into account.
3. What’s the tax benefit of paying into a pension?
You get full income tax relief on your contributions - up to 40% for higher-rate taxpayers. That means for every €100 you put in, it could effectively cost you just €60 after tax relief. Your investment also grows tax-free until retirement.
4. Can I combine old pensions from previous jobs?
Yes, in most cases you can. We’ll help you track down old pension pots and assess whether it makes sense to transfer them into a single plan. This can simplify your finances and potentially reduce costs - but we’ll only recommend it if it’s in your best interest.
5. What happens to my pension if I change jobs?
Your pension doesn’t disappear - it stays in your name. You can leave it where it is, transfer it to a new employer plan, or move it into a personal pension. We’ll guide you through your options to make sure nothing gets lost or left behind.
6. What are my options when I retire?
At retirement, you can usually take up to 25% of your pension tax-free and use the rest to either:
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Buy an annuity (a guaranteed income for life), or
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Invest in an Approved Retirement Fund (ARF) for continued growth and flexibility.
We’ll help you decide which option best suits your lifestyle and tax situation.
7. Can I access my pension early?
Normally, you can’t access your pension until age 60 (or 50 if you leave employment with certain older schemes). However, there are exceptions for ill health or specific occupational schemes. We’ll advise you on your exact options before you make any decisions.
8. What happens to my pension if I die before retiring?
The value of your pension will be paid to your beneficiaries or estate. With proper planning — including naming beneficiaries and reviewing your will - you can ensure your pension passes efficiently and tax-effectively to your loved ones.
9. How do I know if my pension is performing well?
Performance depends on your investment mix, risk level, and time horizon. We’ll benchmark your fund against global market indices and similar strategies, then assess whether the returns, fees, and volatility are appropriate for your stage of life.
10. How is my pension taxed when I retire?
Up to 25% can be taken tax-free (within limits), and the rest is taxed as income when drawn down. Strategic withdrawals, timing, and ARF management can significantly reduce your tax bill — something we help our clients plan carefully.