Pension Sharing Order

General Facts – Irish Pensions

If you are new to the financial mine-field that is pensions, then this article will be an excellent place to start. Giving a brief and general overview of Irish pension, you should be able to gather some useful information from reading on…

Anyone who is considering starting a pension plan needs some basic guidance, this article will provide you with a general overview of the financial field of pensions and retirement. The information you will garner will help you to decide on your next step towards saving for your future financial security.  

The first place to begin is to give a definition of the word pension. A pension is a form of investment where the capital that has been invested, and the money that is accumulated on this capital, is used to fund a person’s retirement by providing a regular source of income, at a time in their lives when they are no longer working. Pensions are funded during a person’s employment years, with the money coming from that person’s salary, or other types of income they may be in receipt of.

Most people working in the financial sector will advocate that a pension is, in general, the best means a person has at their disposal for saving for their retirement years. Pensions are specifically tailored for that purpose, and as such have many benefits that allow people to save significant amounts over long periods of time. For example, they have a high rate of tax-relief which is unprecedented in other forms of investment.

There are many different types of pension, they can be offered from various providers such as; employers, insurance companies, governments or other types of institution- trade unions or employer associations, for example.

Pensions are sometimes known under different names, such as retirement plans or superannuation’s, although the latter usually refers to an occupational pension and not a personal pension.

Occupational pensions, also known as employer pensions, are pension plans that are created by employers on behalf of their employees, to which each party generally make a regular contribution. Other types of organisation will also make provisions towards peoples’ retirement; such organisations may include governments or trade unions. Occupational pensions benefit both the employer and the employee in terms of matters of taxation, although not all employers offer pension schemes, or the schemes they offer are not necessarily as beneficial to the individual as other types of pension.

Different pensions come with various additional features, which other pensions may not offer. So, when deciding on the type of Irish pension that best suits your financial requirements, both at present and in the future, you must ensure that you research the different benefits of different pensions and choose the one that suits you best.  

Additionally, ‘pension’ refers to the actual income that is received during retirement, that is, the regular instalments that they receive from their pension scheme once they reach retirement. Most people will retire at the age defined by law as the age of retirement, although some lucky people may get to retire early. People who receive pensions are called pensioners or retirees.

A state pension is available to the majority of people living in the developed world where governments have created social welfare systems with the aim of providing for those who do not have enough capital to adequately support themselves, including people who have passed the age of retirement. To qualify for the state pension in Ireland, people must have met the general requirements, this involves paying the right amount of contributions, and these are taken from citizens’ gross pay in the form of PRSI contributions.

However, relying on the state pension for a comfortable retirement is not recommended, this is because in the future, it is unlikely that the government coffers will be able to make the same levels of provision as they are able to now, and even now, the amount they provide is just below the poverty line. This is happening because there are fewer people working in proportion to people in retirement, meaning that there is not as much money to share around as there used to be, and the gulf is growing as the baby-boom generation is entering retirement.  

Therefore, the fact is that people will need to begin contributing to pension plans, other than that provided by the government, in order to make sure that they can fund their retirements and live in relative comfort. Contact a pension provider, or independent financial advisor for further information.

This article is based on the author’s own observations and research and is not associated with any 3rd party organisations.

About the Author

Rochelle Martinez, Freelance Web Content Article Writer for three years. Some of her articles are about money management, pensions and investments.

Windsorac – Pension Attchment Orders

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