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I’ve heard pension fees and charges erode the value. Why should I bother?”

March 1, 2023

Let's Take A Look

A pension is the best Wealth Management Tool for anyone in Ireland trying to build up their long-term wealth. There are many reasons why no other approach can match a pension when it comes to providing an income for when you’ve retired.

Firstly, tax relief at your top rate of income tax means that for every €100 of net pay you put in you will receive €167. This will be more if you are a business owner and contribute via an executive pension or PRSA, this could be as much as €200.

Secondly, you’ll receive tax-free investment growth because your money is put to work over many years. Exit tax is at 41%.

Thirdly, when you retire, you can take a tax-free lump sum at retirement typically 25pc of the value of your funds. Up to €200,000 tax free payment.

Fourthly, you and your spouse will receive a Tax free allowance of €36,000 at 65.

However, charges can make a significant impact on the value of your pension. There is money to be won and lost by setting it up right, so use a provider that offers transparency on charges and good value in return for their work. Anyone with a Standard PRSA could be paying up to 6% in fees, that is far too high and it is time to move to a provider that has fees that are a lot less.

The hardest part of sorting out your pension is making a start on it. If your employer doesn’t offer a company pension, it’s down to you to take charge. Once you do, you’ll begin to see your money build up, you’ll enjoy compound investment growth over time, and your pension fund can become a source of peace of mind and financial security.

No one solves their retirement plan overnight. Starting sooner makes things a lot easier, because investment growth does more of the work for you.

What Customers Have To Say

Testimonials

Oisin at Secure Your Future recently helped me with some savings and investment advice. I found him trustworthy, the advice provided to be independent and simple to understand. Happy to recommend him as an advisor for savings and investment advice.
Sean McKinleyAccountant - Castleknock
As a small Business owner I had spent most of my time working in the now and not planning my own personal future. I was recommended to reach out to Oisin and from first contact I found Oisin's approach to be extremely professional and knowledgeable with simplifying the process for me. i would highly recommend anyone looking to pre plan their future to contact Oisin.
Andrew KennySenior Project Engineer at PM Group
Last year we sought your services to advise us on planning for our financial security in retirement. Since that time we have had several meetings which were delivered in a straightforward manner and easy to follow. I would highly recommend Oisin and his team at Secure Your Future.
Kevin DoranOwner - The Denture Clinic
Oisin was very flexible and efficient with his services. We had an initial face to face consultation and then the process was completed remotely via email, text message, teams, and online document signature. Oisin was a pleasure to deal with and I'd be quick to recommend him to anybody looking for help with any aspect of their pension.
Gerard KennyHead of CQV - Ireland at PM Group

Trusted financial advice to secure your future.

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