Building your pension fund eSiciently means choosing the right structure for your circumstances. We advise on the full range of Irish pre-retirement pension solutions:
PRSAs (Personal Retirement Savings Accounts) are flexible, portable pension contracts suitable for employees, self-employed individuals, and those with gaps in pension provision. They oSer transparency, ease of access, and the ability to move between employers without losing pension continuity. Standard PRSAs have capped charges, making them cost-eSective for straightforward accumulation.
Master Trusts provide company pension solutions with professional trustee oversight, reducing the administrative burden on employers while oSering employees access to institutional-grade investment options. They're particularly eSective for small to medium businesses seeking robust governance without the complexity of running their own scheme.
Personal Pensions are designed for self-employed professionals and company directors, oSering flexible contribution patterns and significant tax relief. These policies allow you to build substantial retirement funds while adapting contributions to match business performance and personal cashflow.
Personal Retirement Bonds (PRBs) or Buy-Out Bonds are used to preserve pension benefits when you leave an employer's scheme. Rather than leaving your fund in a former employer's arrangement, a PRB gives you control over
Self-Administered Pension Schemes oSer maximum control and flexibility for business owners and high earners who want direct involvement in investment decisions. These arrangements can hold a wide range of assets, including commercial property, and are suited to those with substantial funds and specific investment strategies.
How you structure your income in retirement is just as important as how you built your pension fund. We guide you through the Irish post-retirement options:
Annuities provide guaranteed income for life, removing investment risk and longevity risk by converting your pension fund into a fixed regular payment. While less flexible than other options, annuities oSer certainty and peace of mind, particularly valuable for covering essential expenses. Rates depend on age, health, and market conditions at purchase.
Approved Retirement Funds (ARFs) allow you to keep your pension invested and draw income as needed, maintaining control and flexibility throughout retirement. Your fund remains invested and can grow, with withdrawals subject to income tax. ARFs are ideal for those who want to manage their own income, leave funds to beneficiaries, or maintain investment upside in retirement. Imputed distributions apply from age 61, ensuring minimum annual withdrawals.
Paid to individuals with sufficient PRSI contributions, the State Pension currently starts at age 66. While helpful, it may not cover all retirement needs.
Offered by employers, these involve contributions from both employer and employee. They’re typically either defined benefit or defined contribution schemes.
Flexible, low-cost pensions suited to employees and the self-employed. You can change contributions anytime and enjoy tax-efficient growth.
Sole traders can use Personal Pension Plans or PRSAs. These allow for significant tax relief, helping build a solid retirement fund without employer support.
Pensions can be complex, so speaking to a financial advisor is essential. We help tailor plans to your goals, review your progress, and ensure your retirement is secure.