Personal Pensions | Personal Pension Advice

Personal Pensions | Pension Advice

We are pension brokers based in Limerick and we offer independent pension advice to help you plan long term investments for your retirement. A personal pension plan / private pension allows you to save money to provide a stable income for you when you retire. The value of your fund will depend on the contributions you make during your working life. The amount payable to you during retirement depends on the contributions you have paid and on the investment return during the term of the plan.

We strongly recommend that you review your pension plan on an annual basis as pension funds can fluctuate.

What is a personal pension plan?

  • A personal pension plan is a long term investment to help you save money for your retirement. The value of your fund will depend on the contributions you have paid over the term of the plan, and on the value of the investment. Personal pensions are designed for those in non-pensionable employment and who are not members of any other pension schemes.

At what age can I retire?

  • You must retire between the ages 60 and 75. You can withdraw your fund on ill health or serious illness (subject to approval).

How does it work?

  • You can make contributions to your personal pension plan by monthly direct debit or by an annual payment. You can choose from a wide range of funds, from low risk, to medium risk to high risk. The funds most suitable to you depend on your age profile, retirement goals and attitude to risk.

What happens if I die before retirement?

  • The value of your fund will be paid to your next of kin or to your estate.

Tax advantages of a personal pension plan

  • Pension plans are fully tax deductible. Your contribution to your pension plan qualifies for tax relief at the marginal tax rate. For example, if you contribute €1 to your pension plan, you can claim 41 cent in tax relief. Under current legislation, the following are the maximum limits to income tax relief you can get from the Government.

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For Personal Pension Advice
Age in years Maximum tax deductible
contributions as a % of your earnings
(max €115,000 earnings)
29 or younger 15%
30 to 39 20%
40 to 49 25%
50 to 54 30%
55 to 59 35%
60 or more 40%

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