Personal Pension Plan

A personal pension plan is a private pension policy that is managed for you by a life assurance company or investment firm in order to provide benefits in retirement. This is an ideal option if you are self-employed, or you work in non-pensionable employment.

The benefits of undertaking a personal pension:

• Build a fund to provide an income on retirement
• Tax Relief on Contributions (Dependent on Age)
• Tax Free Growth in Pension funds
• Tax Free lump sum at retirement coupled with wide range of retirement options

All personal pension plans are set up as defined contribution plans. As a result, the value of your pension at retirement will depend on the level of contributions you make, the growth of your pension fund and the charges you pay. 

With a personal pension plan, you have to decide how much to contribute in order to give you the income you will need when you retire. This is your ‘pension target’. The older you are when you start your pension, the more you will need to save each year to reach this target.

Personal pension plans generally offer a wide choice of funds, but can also involve higher charges than standard PRSAs.

There are many pension products currently available in the market place with different charging structures and fund choices. We can advise as to the most suitable option that would suit individual circumstances and highlight the different options available at retirement.