Pension Planning
Personal
“ Everyone can retire... all you have to do is live long enough”
(Groucho Marx)
In today’s modern world, we have become accustomed to a certain standard of living, which none of us would want to have taken away. Pension planning is a process where you effectively fast-forward your life to retirement age and assess what income is needed to support your lifestyle after you stop working. Pensions are probably the most tax efficient savings product available to you and can provide tax relief of up to 47% on your contributions. This means a massive saving to you as an investment of € 200.00 per month, would only cost you € 106.00 (Based on a PAYE worker paying 41% income tax and 6% PRSI).
The initial element of our service is to calculate what your income need is in today’s terms. Once we have obtained this figure, we can calculate what the value will be at your selected retirement age. We can then assess your present situation and include any provisions that you may have already, including service in an occupational scheme and the State Pension benefit. This will enable us to prepare and cost a plan for you in which we look at the most suitable product available and make a recommendation. Once started, we will monitor your progress annually.Investment Planning.
Once you have accumulated capital, whether through your hard work, an inheritance or even a lottery win, you need to ensure that your capital maintains its value year on year. Normally when investing money you want two things, capital growth or income and more often than not, both of these at the same time. When contemplating any investment, you need to assess your attitude towards risk and how this compares to the likely return you might achieve. For example, most people want their capital to be guaranteed and to receive a return in excess of inflation (5% as at December 2007). This is not so easily done and often we are faced with the fact that we may have to accept some level of risk, in order to increase the return being received.
Current products that might be suitable are;
Personal Pension
PRSA’s / PRSA AVC’s
Executive Pension plan
Small Self Administered Schemes
Business
As a company director, you might want to make pension provisions available to some or all of your employees, including yourself. We can discuss the most suitable and tax efficient route for the company in providing this attractive benefit to your staff. With the introduction of Group PRSA’s, this is a surprisingly uncomplicated process which once completed, will be serviced and monitored by us annually, including ‘on-site’ meetings.
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