Personal Pensions
With people living longer, enjoying increasingly sophisticated lifestyles and in turn, having the need for a satisfactory level of income after they retire, the advice surrounding the decisions of how, when and why to invest in a pension are crucial.
At Ryan & Riordan Insurances, we have the experience and expertise to assist you in what will be the most meaningful investment decision in your life-planning for your retirement. And if required we have access to additional external services to provide you with the most comprehensive advise to suit your needs today and into the future
Ryan & Riordan Insurances can assist you in your pension planning:
- Before retirement – what is the best pension vehicle to invest in?
- At retirement – should one choose and annuity or an ARF?
- Post retirement – how best can I invest my assets to meet my income and growth needs?
We are ideally positioned to provide the right advice for people in a broad range of circumstances. Please contact us for more details.
Personal Pensions
A personal pension plan is a private pension policy that is managed for you by a life assurance company or investment firm in order to provide benefits in retirement. This is an ideal option if you are self-employed, or you work in non-pensionable employment.
The benefits of undertaking a personal pension:
- Build a fund to provide an income on retirement
- Tax Relief on Contributions (Dependent on Age)
- Tax Free Growth in Pension funds
- Tax Free lump sum at retirement coupled with wide range of retirement options
All personal pension plans are set up as defined contribution plans. As a result, the value of your pension at retirement will depend on the level of contributions you make, the growth of your pension fund and the charges you pay.
With a personal pension plan, you have to decide how much to contribute in order to give you the income you will need when you retire. This is your ‘pension target’. The older you are when you start your pension, the more you will need to save each year to reach this target.
Personal pension plans generally offer a wide choice of funds, but can also involve higher charges than standard PRSAs.
There are many pension products currently available in the market place with different charging structures and fund choices. We can advise as to the most suitable option that would suit individual circumstances and highlight the different options available at retirement.
Personal Retirement Savings Accounts [PRSA]
How do they work?
'Personal Retirement Savings Accounts', were introduced by the Government to encourage more individuals to save for their retirement. They are regulated by the Pensions Board and the Revenue Commissioners, with the aim of providing a clear, simple savings vehicle for people when they retire.
Four great reasons to choose a PRSA
Simplicity
PRSAs were designed to be easy to understand and to help you save for retirement in a straightforward way
Tax Relief
Subject to Revenue limits every Euro you pay into a PRSA may qualify for tax relief. This means that you could get almost half your money back if you're a top rate taxpayer. Also there's no tax on growth of the PRSA funds, so your money can grow quickly.
Low Charges
All PRSA solutions offer great value for money with no large up front costs.
Great Options
However you want saving for your retirement to work, we will identify a PRSA to suit you.
Call us today to arrange a no obligation financial review to discuss your needs and requirements