When was the last time you reviewed your pension?
If like most people, the answer is ‘never’ or not for years, it’s important to review it now especially as retirement is only a few years away..
The main reasons for reviewing your pension are:
- To avoid any shortfalls at retirement & to see if your funds performing at the right level
- To make sure your funds are not being eroded by high charges and unnecessary fees
- To make sure your investment funds match your appetite for risk and return
- To ensure that you are on target to reach your retirement income goals
As we get closer to retirement our fundamental attitudes change to many areas in our lives – for example you can be more risk adverse, or you have finally paid off your mortgage and can invest more in your pension.
Maximum tax relief ceilings increase as you get older, so if haven’t changed your contributions since you were in your 50’s or before, you may be able to increase your contributions and claim more tax relief than you currently claim.
Did you contribute to a pension in a previous job?
If you contributed to a pension while working with a previous company, it makes sense to review your plan. In some cases, leaving your pension where it is is prudent – but in many cases, it’s better to transfer it into your own name.
You’d gain control of the funds and you would be able to invest the pension in a fund that matches your own attitude to risk (rather than using the current scheme’s default investment strategy). We can review your paperwork and request up to date details to see what option suits you best.
How do I get started?
- Have a chat with an Irish Pensions advisor – call (01)8570655, fill in the form below to arrange a call, or start a conversation using our Online Chat (click the icon on the bottom right of the screen).
- The advisor will ask you some simple questions to identify your circumstances & will get your permission to gather the relevant information from your current providers.
- They will provide you with a straight forward summary comparing what you have and what you should do.
- If it makes sense to do anything, they’ll help you complete the paperwork.
