If you’ve already started your pension, the chances are you haven’t reviewed it recently. Are you comfortable that your retirement plans are shaping up the way you want them to?
The likelihood is that your circumstances have changed since you first took it out, you may have a new job or you may now aspire to an earlier retirement age. So if you haven’t already, now is the crucial time to take action and review your retirement plans.
Use our Pensions Calculator to see if you are on track for the kind of comfortable retirement lifestyle you’re aiming for. And visit our Fund Centre to see up-to-date information on how your pension funds are performing.
One of the best things about saving to a pension is the generous tax relief available, up to 41%* for a higher rate tax payer. The Government through its National Recovery Plan, published in 2010, has proposed to reduce this tax relief from 41% to 20% by 2014 so get the maximum tax relief possible by topping-up your pension now.
Employees in a company pension plan can boost their pension savings to provide a greater income in retirement through an Additional Voluntary Contribution (AVC) PRSA - it’s one of the most tax efficient ways to put away extra savings to secure a comfortable lifestyle in retirement).
If you are approaching or at retirement, it’s a good idea to meet with a financial advisor to explore options to boost your pension before you take your retirement benefits. You may also need to review your pension investment fund depending on which retirement option you intend to take. Find out more.
*Assuming higher rate taxpayer 41%. It is important to note that tax relief is not automatically guaranteed; you must apply to and satisfy Revenue requirements. Revenue terms and conditions apply.