Your retirement savings plan is one of the most important savings plans you will ever contribute to. It can provide you with the security of a regular income to provide for a comfortable standard of living when you retire.
Retirement is not going to just happen, at least not the way you dream of, so it is important to plan ahead and map out the road to a successful retirement that is similar to what you have always dreamed of.
With stock markets at relatively low levels, your money will purchase more units in your chosen pension fund. By investing now, you will be better positioned for when the stock markets recover and the value of your pension fund increases.
The Government is currently encouraging everyone to set aside money for their retirement, in doing this they are giving tax relief to pension savers in three key areas.
When you pay money into a pension plan, the Government will give you relief on your contributions – either 20% or 41%, according to your marginal rate of tax.
While the Government has proposed plans to reduce the rate of income tax relief on pension contributions from 41% to 20% by 2014 there is still a window of opportunity to make the most of the relief available until this time.
Under current legislation the money you contribute to your pension is allowed to grow tax - free.
Part, or in some cases all, of your fund may be taken as a tax-free lump sum at retirement. Payments in excess of €200,000 and up to an amount of €575,000 will be taxed at the standard rate of tax (currently 20%). Amounts in excess of €575,000 are taxed at the higher rate of tax (currently 41%).
We provide a range of protection options including protection for your home, income, family and business.
Investing money safely and professionally is a vital part of your financial security planning.
Income Protection financially safeguards you and your family against long-term illness or injury.
