MOST FREQUENTLY ASKED QUESTIONS

When should I start a pension?
As soon as possible! The size of your pension when you retire is affected by the amount of time and the money that is invested. Obviously, the longer you have been investing the larger your pension is likely to be.

Is there more than one kind of pension?
There are two main kinds.  Personal pensions are only available to the self-employed, workers whose employer does not offer a company pension scheme for them, or workers who have decided not to join their employer's scheme. Company pensions are available to people whose employers have a scheme in place, or are willing to put one in place.  PRSA’s are another product to consider.

What are the advantages of taking out a pension?
Apart from the peace of mind of knowing your retirement will be comfortable, you can get income tax relief on your payments into a pension plan. This means that the government will not tax money being paid into a pension plan so long as it does not cross certain limits. The growth you make on your money while it is invested is also tax-free.

How are payments made?
For personal pensions, payments can usually be made on a monthly, quarterly, half-yearly or annual basis through a regular payment plan, usually by cheque or direct debit. Alternatively, one-off payments can be made through a 'single premium plan', but the minimum amount you have to pay may be higher. Company schemes generally allow payments to be taken from salary.

Can I take my pension plan with me if I change jobs?
If you worked for a company where there was a pension scheme, and moved to another company who also had a scheme, you may be allowed to transfer the value of your pension into the new scheme with the new employer. However, if you move between being self-employed and employed by a company, this may not be the case.

What happens to the money I have paid into my pension plan if I die before I retire?
The current value of your plan will be paid to your dependants should you die before retirement