A pension is the most important savings plans you will ever contribute to. You may already have one and want to review it, or put a new one in place.
The key elements of retirement planning include:
- Retirement goal setting – expected retirement age and lifestyle
- Maximising tax–relief
- Developing an appropriate investment strategy suitable to your risk profile
- Post retirement options – annuities or approved retirement fund (ARFs)
- Minimising pension charges
The most suitable pension for you will depend on your employment details; whether you are self-employed, an employee, in the Public or Private Sector or a company director. Our experience and knowledge means that we can recommend the best pension arrangement for your needs.
Types of Pension Plans
- Personal Pensions Plans
- Personal Retirements Savings Account (PRSA)
- Directors Pensions
- Buy Out Bonds (from former employment)
- Additional Voluntary Contributions (AVC’s)
Retirement is an exciting, yet daunting time. It is important to ensure that how you are allowed to draw down your pension and what is the best option for you.
An annuity gives you a guaranteed income for life, whereas an Approved Retirement Fund (ARF) allows you to reinvest your pension funds and draw from it as you see fit. Regardless of what you want, certain criteria must be meet in order to buy an annuity and/ or invest in an ARF because there are a myriad of rules and regulations governing pension arrangements.
Getting independent, expert advice will help ensure that your retirement planning is structured to maximise the planning benefits that are available
CASE STUDY - Retirement Time
Danny decided it was time to get his pension affairs in order. Danny is a self-employed physiotherapist; he had previously worked in the Public Sector for 5 years and has a preserved benefit under the Superannuation scheme.
He gathers his pension documents for the appointment with his financial consultant.