Tax Relief on Contributions
One of the most compelling reasons to invest in a pension is the generous tax relief on contributions. When you contribute to a pension scheme, you receive tax relief at your marginal rate. This means that for every €100 you contribute, it may only cost you €80 or even less, depending on your income tax rate. This immediate tax benefit can substantially reduce your overall tax bill. 
The money you invest in a pension grows tax-free. This means that any returns on your investments within the pension fund are not subject to income tax, capital gains tax, or dividend tax. Over time, this tax-free growth can significantly boost your retirement savings. This can be achieved by personally making a lump sum Personal Pension, PRSA or PRSA AVC contribution by 31 October 2023 (or 15 November 2023 for ROS users) and electing to backdate the tax relief to 2022.
​Contact us for assistance in making your contribution. 
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With the the expected date for the commencement of Auto Enrolment approaching many people are curious whether it is best for them to wait until then to begin saving for their Retirement. Royal London recently issued a press release explaining why now is always the best time to start building your pension fund. 

I’m in my early 30s. I haven’t yet started a pension. My boss doesn’t offer a company pension scheme so I’m considering setting up my own pension by opening a Personal Retirement Savings Account (PRSA). I am now wondering if I should hold off until auto-enrolment is introduced?

Answer: Mark Reilly, Pension Proposition Lead, Royal London Ireland
It certainly feels like we are getting closer to the implementation of auto-enrolment (AE) retirement in Ireland. The recent publication of the AE Retirement Savings System Bill 2022 is starting to put forward a framework within which AE will operate in Ireland. However, work is continuing on legislation to set up the scheme so it could still be some time before AE gets up and running in Ireland. The earlier you start saving for a pension, the better. For this reason, it’s worthwhile saving for your retirement by starting a PRSA. You can stop saving into your PRSA if and when AE is introduced, particularly if you are likely to build up a higher pension under AE than through a PRSA. You will not lose the pension benefit you have built up in your PRSA if you stop saving into it – the benefit will remain there until you can access it, which is usually around retirement age. Bear in mind too that while the Government is committed to introducing AE, there is no guarantee that it will go ahead. To get a PRSA, you must enter into a contract with an authorised PRSA provider. You have a choice between a Standard and a non-Standard PRSA. There is a limit on the charges on your pension with a Standard PRSA.

Contact us today and we can help you choose the right pension product option for you.