WHEN WAS THE LAST TIME YOU REVIEWED YOUR PENSION?
If like most people, the answer is ‘never’ or not for years, you need to review it now.
Irish Pensions believe that all clients should review their finances at least once per year and this includes your pension arrangements.
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 you have a pension for a number of years, you may be able to increase your contributions and claim more tax relief than you currently claim.
So no matter where you are on the life cycle i.e. starting a new job or retiring, it is important that you and your Advisor regularly review the most important areas in your financial life.
I contributed 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, it makes sense to leave it where it is – but in many cases, it’s better to transfer it into your own name. You’ll gain control of the funds and can invest the pension in a fund that matches your own attitude to risk (rather than using the schemes default investment strategy). We can review your paperwork and request up to date details to see what option suits you best.
The next steps
We at Irish Pensions highly recommend you avail of our free service to carry out an independent Pension Review on your behalf. This would involve contacting one of our Pension Experts by phone, fill in a few details here or start a live chat, or come into our office and meet us face to face.
We will ask you to complete a Letter of Authority, which is available to you on this web site, this will enable our team to get information only on your pension arrangements, we may even find a pension that you forgot about.