Have you though about what Pension is best for you?

Moneysave give Independent Advice on the following:

Personal Pension:

A Personal Pension Plan is a private pension policy. Anyone who is self employed or who earns an income but cannot join an employer’s plan can set up a Personal Pension. You make the contributions and claim tax relief from the Revenue at the end of the year. Your broker will advise you on the best plan and fund choice that is suitable for you.

Personal Retirement Savings Account (PRSA):

A PRSA is a type of personal pension that has more flexibility in some areas than a Personal Pension. If you are employed, by law your employer must offer you a standard PRSA if 1) There is no company pension plan in place through your employment or 2) You cannot join your company pension plan for the first 6 months of your service.

There are 2 types of PRSA’s :

• A Standard PRSA is a contract that has a maximum charge of 5% on the contributions paid and 1% per annum on the assets under management.
• A Non Standard PRSA has no limit on charges but has a wider range of fund choice. Your broker will advise you on the best plan and fund choice that is suitable for you.

Additional Voluntary Contributions (AVCs):

These are extra contributions you can make alongside your existing pension plan to increase your pension fund. For example you and your employer may be contributing to a company pension plan. You may want to make extra contributions to increase your projected benefits and maximise tax relief but have control over what funds it is invested in. You can set up a PRSA AVC to do this, it will also give you extra options at retirement.

Executive / Company Directors Pension:

Executive pension plans are designed for people in employment whose employer wants to make a contribution. An executive pension plan is set up by trustees (usually your employer) on your behalf. This can be set up by the company for an individual employee or a director.

1. Group Pensions: This is a pension scheme provided by your Employer.

2. Self Directed Pension: You have control over your funds and you can manage it personally.

3. Small Self Administered Fund (SSAP): This is an employer Occupational Scheme with less than 12 members. If can be used where family members work.

Buy Out Bonds:

A buy out bond lets you take your pension entitlement with you when changing job without having to transfer to your new employer’s pension scheme.

The benefits are:

• no need to transfer to your new employer’s pension scheme
• choose the fund that your money is invested in
• choose when to take your benefits
• any investment growth is tax-free

Retirement Planning:

When it comes to that time in life where you decide to take the benefits from the pension that you have contributed to throughout your life, we will go through the options and advise what is the best one for you.

Approved Retirement Funds (ARF):

You can invest the proceeds of your pension fund in an ARF after you retire. The benefits to this are that you can take a regular income from the ARF, you have control over the investment and the funds in your ARF are passed to your family after your death. You must meet certain criteria before you can invest your proceeds in an ARF.

Annuities:

You can purchase an annuity (pension) with your pension fund when you retire. This will give you a guaranteed income in retirement. There is no risk of “bombing out” your retirement fund. You have different payment options and it gives you peace of mind.