Why have a Pension?
- Pensions are an excellent way of saving for your future.
- To encourage savings, the State gives substantial tax savings on pension contributions
- You can obtain tax relief of between 20-40% on your contributions. This is better than any interest rate!
- Funds can be invested in a wide range of assets of your choice.
- Tax savings can be lost if not availed of; At age 30, you can save up to 15% of salary.
Understand your options:
- You may have a pension for the rest of your life, the amount depending on the size of your accumulated fund.
- You may take a reduced pension and a lump sum tax free equal to 1 ½ years salary (for employed persons)
- Self employed – 25% of fund tax free balance into own AR Fund
