» Pensions
| Contribution per month | Contribution per month from net salary* | Age Commenced | Estimated Fund at Retirement (65) |
| 300 | 153.00 | 30 | 695,000 |
| 400 | 204.00 | 30 | 930,000 |
| 500 | 255.00 | 30 | 1,160,000 |
| 750 | 382.50 | 30 | 1,750,000 |
| 1000 | 510.00 | 30 | 2,350,000 |
* Tax relief assumed at 49% (41% plus 8% PRSI/ Health Levy)
The above assumes contributions increase at 5% and growth of 5.5%. For illustrative purposes only. Individuals should contact SmartQuotes.ie for a specific quote
Pensions Threshold
| Your age | % of Income you get tax relief |
| Under 30 | 15% |
| 30 -39 | 20% |
| 40 -49 | 25% |
| 50 - 54 | 30% |
| 55-59 | 35% |
| 60 or over | 40% |
Pension Products Offered by SmartQuotes.ie
- Personal Pensions
- PRSA's
- Executive Pensions
- Retirement Bonds/ Buy Out Bonds
- ARF's/ AMRF's
Why choose SmartQuotes for pensions:
- 100% investment of funds available
- Low management charges
- Range of options across all providers
Generally people are living longer and leading more active lives in retirement. As a result it is more important than ever for you to think about where your income will come from when you retire.
The state pension will provide you with a basic level of retirement income, provided you qualify.
When planning for retirement you will need to decide whether this is enough to live on in retirement and if not where the additional income will come from. It is important for you to take control of your retirement planning and make decisions regarding your pension.
Who will look after you in your retirement?
The current State social welfare pension is €231.10 per week or
€12,017 per year.
……will this be enough for you to live on?
87% of a Pensions Board Consumer Research survey said that the State social welfare pension would NOT meet their needs in retirement.
Where will your additional income come from when you retire?
Start your pension early, the longer you leave it, the more you pay!
Personal Pensions
If you're self-employed, or equally if you are an employee, but not a member of your employer's pension facility, then it's up to you to plan for your own retirement.
So if you want to be able to enjoy a comfortable retirement, the onus is clearly on you to put money aside during your working years. And, the sooner you do so, the better chance you have of meeting your goal. Not only that, but the generous tax advantages that a pension plan offers, makes it a really cost efficient way to save.
PRSA's
A personal retirement savings account (PRSA) is a personal pension suitable mainly for individuals who are not in employer pension schemes. They are more flexible than a personal pension. Anyone up to the age of 75 can take out a PRSA and you don’t have to have an income to contribute to a PRSA (although you don’t benefit from the tax relief in this case).
If you are employed, by law your employer must offer you access to a PRSA if:
- there is no employer pension scheme available
- you are not eligible (due to service etc) to join an employer pension scheme
- you only qualify for the life assurance part of the pension scheme
PRSA’s can be arranged by SmartQuotes who will visit the employer and arrange for PRSA’s to be made available to all staff at no cost to the employer. In this way the tax relief is taken at source reducing the administration for the staff.
You can also use a PRSA to make AVC’s (additional voluntary contributions) subject to the applicable thresholds.
Contact SmartQuotes to arrange your low cost PRSA today
Executive Pensions
As a company director or company owner, you probably view your share in the business as your pension when you retire.
While this is one way of providing a source of income when you retire, there is no guarantee that it will provide you with the standard of living you are currently accustomed to throughout your retirement years.
An Executive Pension Plan allows you to provide for your pension fund independently of the company assets and its future profitability. And it is designed specifically to take full advantage of the generous tax relief that is granted to Company pension arrangements.
Options at Retirement
When you retire, a whole new chapter in your life opens up for you to enjoy. However, you have two important financial decisions to make before you can start spending that retirement fund you have been building up for the last number of years.
- how to maximise your tax free lump sum
- how to use the balance of your retirement fund to provide an income for yourself and your spouse/dependents throughout your retirement years.
As a result of the 1999 & 2000 Finance Acts, as well as the traditional option of purchasing a Pension, you may also have the new option of investing your fund in an Approved Retirement Fund (ARF)
Contact us to arrange a consultation with one of our pension advisors to discuss your retirement options.
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