Your pensions coach

Claire Louise Murphy one minute pitch, why start a pension - Your time starts now…

1 – Why should I start a pension?

Well, it is undoubtedly the best ways to save for when you want to stop working.

2 – Why is this?

Basically, you can claim tax relief on your contributions – if you are paying 40% tax it will cost you just €6 to save €10 – the money that you save grows tax-free and you’ll receive a tax free lump sum when you retire.

3. I thought the State paid you a pension – why would I need my own one?  

The current State Pension is just €13,171 per year or €253 per week. If you would like to receive a higher income, you should start saving now – Also we don’t know what the future may hold so it’s better to be prepared.

4. When can I start taking money out of my pension?

You can start taking money out of your pension when you reach the age that you have selected on your application form. This is generally between age 60 and 75.

 

5 – So Claire Louise what are your plans for retirement?  

Well, the dream is to buy and live somewhere sunny so I’m saving hard in my pension for that at the moment.

 

Claire Louise your time is up. 

For more information on Pensions, contact your Financial Broker

James Durcan, one-minute pitch, Pensions and AVCs - Your time starts now…

 

1.     Why should I save for my pension?

 

Putting money into a pension can be a great way to save for your future – if you’re a higher rate taxpayer you can claim up to 40% back on your contributions – so if you put in €100 this only cost you €60 as the government will give you €40 back.

 

2.     I already contribute to a pension scheme but could I put in more?

 

Yes, this is known as an Additional Voluntary Contribution or an AVC ? And this can be linked to your main pension or you can create a separate account.

 

3.     How much can I put in?

 

So that depends on your age – the older you are the higher percentage of your total earnings you can put in – so for example if your 45 this is up to 25% of your total earnings whereas if you’re 60 this is up to 40% of your total earnings.

 

4.     Are there any other benefits to making an AVC?

Yes, the funds are invested and can grow tax free. You’ll only pay tax when you start to draw down your pension.

 

5.     When can I get access to this pension money?

 

You can access once you choose to retire. You can choose to take a lump sum, purchase an annuity, or choose to invest in an Approved Retirement Fund. Talk to your Financial Broker to find out more.

James your time is up.

For more information on Pensions, contact your Financial Broker

Claire Louise Murphy one minute pitch PRSA’s - Your time starts now…

1. What is a PRSA?

A Personal Retirement Savings Account is a pension plan designed for you to save for retirement now.  

2. Who can invest in a PRSA?

Individuals and employers can invest in a PRSA, once you are between 18 and 72 years of age.

3. Are there any tax benefits to saving in a PRSA.

Yes, tax relief is available at the individuals tax rate subject to some Revenue limits.

4. How much do I need to start saving?

You can save from as little as €50 a month, with the flexibility to increase future contributions.

5. What funds can I invest in? 

Aviva offers funds from global investment managers. Whether you want a ready-made multi asset ESG solution or you want to build and manage your portfolio. 

6. I thought the State paid you a pension – why would I need my own one?  

The full State Pension is just €265 a week. If you want a higher income in retirement, you should start saving now. 

7. Finally, how do I start a PRSA with Aviva?

By simply contacting a Financial Broker. 

 

Claire Louise your time is up. 

For more information on Pensions, contact your Financial Broker