Start a Pension Plan

In Ireland, pension products are designed to help individuals save for retirement and provide financial security in their later years. Understanding the different types of pension products available can help individuals make informed decisions about their retirement planning. We can help you to understand your pension options, assess your financial situation and determine the best pension arrangement for you.

It is a good idea to start a pension as early as possible. The earlier you begin contributing to a pension, the more time your money has to grow and benefit from the growth in investment markets as well as compound interest.

The main benefits of having a pension are:

  1. Retirement Income: A pension provides a regular income during retirement, supplementing the state pension or other sources of income.
  2. Tax Advantages: You will receive tax benefits on the money you contribute to your pension. Your pension grows tax-free until you start withdrawing funds.
  3. Investment Growth: Pensions allow you to invest your contributions in assets like equities, property and bonds, potentially generating growth over the long term. This can help your savings accumulate and keep pace with inflation.
  4. Financial Security: A pension provides a financial safety net in retirement, helping you maintain your standard of living and cover expenses when you’re no longer working.

Starting a pension is more straightforward than you think. 

  1. Get in touch with our team to arrange a free consultation.
  2. With our guidance, determine the type of pension you need, then, with our help, choose a pension provider and decide how much you can contribute. Based on the contribution amount and investment funds chosen, we can show you how much money you are likely to have in your pension by the time you retire.
  3. Complete the application form.
  4. You will receive regular performance update and can amend your contributions at any stage.

The different types of private pension schemes:

Many of us will have at least one of these types of pension plans in our life time:

  • Personal pension
  • PRSA pensions
  • AVC PRSA
  • Buy out bond / Personal Retirement Bond
  • Executive / Company Pensions
  • Company schemes for employees
  • A pension from time spent working in the UK

If you have a pension related question please get in touch with James, Emily or Shauna on our Pension & Investment Team.

Protect your financial future with this Pension & Retirement Calculator from Zurich Life