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What are the benefits of a pension plan?

Should you take out a pension? What are the benefits of a pension a plan? Starting your pension now could help you do the things you've always wanted to do when you retire. Find out more about how the right pension can help you safeguard your future.

Helps you live the life you want
Your retirement years needn't be your twilight years. With most of us living longer and healthier lives than our parents and grandparents, we have more pensionable years to look forward to. Starting your pension now could help you do the things you've always wanted to do when you retire.

Is the State Pension enough?
Ireland's State Pension (Contributory) stands at less than €250 per week, less than half the current average industrial weekly wage. While the State Pension (Contributory) can help you get by, it may not be enough to allow you to live the active retirement that you want.

You're never too young or old to start
It's never too early or too late to start saving for your retirement. The earlier you start, the more you should have saved for your retirement. And with plenty of options, you can choose a pension that suits your life stage.

Start, stop, restart
Your pension shouldn't stop you enjoying your life, that's why you can take payment breaks if you need to. You can also reduce or increase your contributions as your circumstances change.

You could save more than you think
With the government offering generous tax relief on pension contributions, starting your pension now could be one of the best financial decisions you make.

Personal pensions

A pension to match your lifestyle:
  • Personal Pension - If you are self-employed, or if your employer does not offer an occupational pension.
  • PRSA Pension - A simple flexible pension which you can take out, regardless of your employment status.
  • Retirement Bond - A retirement bond that lets you take your pension entitlements with you when changing jobs, without having to transfer to your new employer's scheme.


A PRSA (Personal Retirement Savings Account) is a personally owned pension that lets you save for retirement on your own terms.

  • It's flexible - you can contribute to it whenever you want and stop making contributions at any time.
  • It's portable - so you can take it with you If you move jobs, or opt for a career break.

Personal Retirement Bond (PRB)

A Personal Retirement Bond allows you to bring your pension benefits with you, if you leave a pension scheme.

  • It's flexible - You have control over your pension plan and how it is invested.
  • It's tax-efficient - That's because any growth on your investment is tax-free.

Executive pension

Executive Pension - A pension designed for company directors and owners.
AVCs - Additional (and optional) payments to an existing pension scheme, to build up an additional retirement fund.


Pensions that let you manage your investment:
Self directed pension - Suitable for experienced investors who wish to manage their pension fund investments themselves.


Additional Voluntary Contributions, or AVCs, are extra contributions you can make in addition to your existing company pension.

  • AVCs give you the opportunity to grow your pension ahead of retirement, on your own terms.
  • They're tax efficient - You can claim tax relief against AVCs, subject to revenue limits.

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