Today people are more aware of the need to start contributing to a pension plan. We simply must provide for income replacement after retirement and, where possible, this should start soon after employment begins. Why? To avail of Income Tax relief and accumulate a retirement fund during your working life.
Three very good reasons for this:
The earlier you start the greater will be your pension fund at retirement
Income Tax relief on your contributions kicks in immediately you start. So, you pay less Income Tax over your working life – while still having 100% of your contributions investing in your pension throughout your working life. Bear in mind, too, your pension fund is allowed grow tax-free.
State Pension (or old age pension): it is advisable not to rely on the state pension; will it be available or sufficient in retirement?
Are You Already Contributing To A Pension?
If so, have you reviewed your plan recently? This is most important to see how your fund is performing. This goes for all pension types whether a Personal Plan or a Company Pension Scheme. We have the expertise to guide and advise you.
Which Is The Right Pension For You?
- PRSA – Personal Retirement Savings Account.
- Personal Pension
- Executive Pension or Company Pension
- Self-Directed Pension or SSAP
- Property Based Pension - using your pension to include property purchase in your fund
- Group Pension Scheme
Because we are agents for the major Life Assurers and Pension/Investment companies our advice is Impartial Advice. We make you aware of each company’s profile – the products available, performance record, etc. You are now ready to choose who is best equipped to meet your needs.
Whether you are an employed person or running your own business starting a Pension or Retirement Plan is one of the best investment decisions you will ever make. WHY?
Because investing through a pension plan enables you reduce your Income Tax liability AND in addition the savings in your pension fund continue to grow tax free through the years.
When you reach retirement age you will receive the benefit of a TAX-FREE LUMP SUM and options to reinvest the remainder of your fund again on a TAX-FREE basis. This means we can provide you with an approved retirement fund (ARF) to continue investing on a tax-free basis until you need to withdraw funds.
The foregoing is simply a very brief intro to a very complex and wide ranging subject. Good Pension Planning calls for careful consideration since it is a long term investment. We are here to help you.
Warning: Past Performance is not a guarantee of future performance and investments may fall as well as rise.
Lalor Financial Services (James Lalor trading as) is regulated by The Central Bank of Ireland.