Pensions

Pensions are an extremely tax efficient way of saving. You can get tax relief on your saving at the marginal income tax rate; funds accumulate tax free until retirement and you get a percentage of your fund tax-free at retirement.

Savings for retirement

You can do your saving personally, either through a personal pension, PRSA or AVC (free standing). Or you can save through a company, with an executive pension, company scheme or AVC (via scheme). We can advise on the best options for your particular circumstances.

Pension transfers

Changing careers, redundancies and pension scheme windups can mean that it is necessary for your pension benefit to be restructured and it is possible that your fund may be transferred out of your former employer’s scheme and set up independently on your behalf. This complex area has potential for considerable loss to you as you are swapping one benefit for another. We will be able to talk you through the issues involved and we can deal with the scheme trustees on your behalf.

Post retirement options

Having spent years saving your retirement fund, it’s worth spending a few hours with a Financial Broker discussing the best way of funding your retirement. For many, that will be the traditional annuity route i.e. income for life. Others may wish to explore post retirement investment through Approved Retirement Funds (ARFs). Either way we are qualified to talk you through this choice and we can recommend the most appropriate course of action for you.

Some Points for Thought

• A company option for pension saving is usually more beneficial especially if it’s your company.
• Be extra careful with defined benefit options under pension scheme transfers.
• ARFs have longevity and investment risk, which we will explain.