Pension Planning Ireland & Retirement Planning

When it comes to saving for your future, a pension is possibly the most important plan you will ever have. It is an essential, flexible and tax-efficient way to secure your retirement. Pension Planning Ireland: We can advise you on all aspects of your retirement plan, whether you are looking to set up a pension for the first time or you want your existing provisions reviewed.

The key elements of retirement planning are:

  • Retirement goal setting i.e. your desired 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: are you 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.

These are the various types of pensions:

  • Personal Pensions Plan/ Retirement Annuity Contracts
  • Personal Retirements Savings Account (PRSA)
  • Executive Pension Plan (for Directors and key employees)
  • Self-Administered Pension Schemes
  • Personal Retirement Bonds/ Buy Out Bonds (from former employment)
  • Group Occupational Pension Schemes – Defined Contribution & Defined Benefit
  • Additional Voluntary Contributions (AVCs)

When setting up a pension, reviewing a pension or approaching retirement age, it’s important to bear in mind your options when drawing down your pension. 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. There are rules and regulations in place regarding ARFs and annuities – we can explain these to you, and help you feel confident in your eventual choice.

Pension Planning Ireland

As mentioned above Pension planning is an important aspect of financial planning in Ireland, as it helps individuals save for their retirement years and ensure that they have a steady stream of income during this time. There are several options available for pension planning in Ireland, including the following:

  1. Personal Pension: This is a type of individual pension plan that is set up by an individual and funded through regular contributions. It is a flexible option that allows individuals to choose the amount and frequency of their contributions, and they can also choose how their pension savings are invested.
  2. Occupational Pension: This is a type of pension plan that is offered by an employer and is funded through contributions from both the employer and the employee. It is a good option for individuals who want the security of a guaranteed pension income in retirement.
  3. State Pension: The Irish state pension is a social insurance payment that is paid to individuals who have made sufficient contributions to the National Insurance Fund during their working lives. It is paid to individuals who have reached the state pension age and meet certain other qualifying criteria. We also have support for the UK State Pension if appropriate.
  4. PRSA: A PRSA, or Personal Retirement Savings Account, is a flexible pension savings plan that is available to all Irish residents, regardless of their employment status. It is funded through regular contributions and allows individuals to choose how their pension savings are invested.

It is important to start planning for your retirement as early as possible, as this will give you more time to build up your pension savings and ensure that you have a secure financial future. It is also a good idea to seek advice from us at Progressive FS or your usual financial advisor or pension specialist to help you determine the best pension plan for your needs.

Do you have a pension with a previous employer that you can't track down? Contact us.

40% of Irish workers will rely on the State Pension as their only form of income in retirement


Only 60% of the entire Irish workforce has a pension (occupational pension, personal pension or both)


Only 30% of self-employed people contribute to a pension


Women will have 38% less to live off in retirement when compared to men