Pensions are essentially savings plans, whereby you can avail of tax relief to assist you in your endeavours to ensure that when you reach retirement age you are not going to be destitute! The older you are, the higher the tax relief that you can claim – please note there are earning caps applicable.
||% of your income you can get tax relief on
|30 to 39
|40 to 49
|50 to 54
|55 to 59
|60 or over
As well as this your investment grows TAX-FREE and when you get to retirement you can avail of a TAX-FREE lump sum too in the vast majority of cases.
Whether you are planning for your retirement, about to retire or have already retired, we are here to advise you. As the very existence of state pensions come under threat and the age for receiving same increases, it is important now more than ever to plan properly & effectively to ensure you are prepared.
Accessing your old pensions:
Many clients need to access their pension – in many cases, once you have turned 50 years of age you have the option to access pensions that you previously had as an employee – self-employed clients can’t usually access their pensions until they are 60 years of age. For further info contact us.
When should I start my pension?
The younger you are the better it is to start as you would have a longer period of time to save for your retirement. The following simple calculator can give you an indication of how much your pension may be worth depending on your age and contribution levels:
Types of Pensions:
There are many different types of pensions – which one for you will depend on your current employment situation.