Tools & Tips

Irish Life

Plan your retirement

Research (CSO, 2020) shows that a huge chunk of Irish workers are unprepared for retirement and unsure how to build their wealth. We're here to help and to simplify your options.  

Learn more about the pension and retirement options below and try our free financial planning tool to see which options are best for you. 

for your future

Putting money into a pension now can give you the peace of mind that you're helping to set yourself up for the future you want.

Why do I need a pension?

  • To have an income after you retire  
  • To bridge the gap between the State pension, and the income you're used to  
  • It helps you live the life you want 

What are the benefits?

  • Save money - by taking advantage of the available income tax relief on many pension plans. (Income tax relief is not guaranteed. You can get tax relief if your income is taxed under Schedule E or Schedule D (case I or II)
  • Get extra contributions - you may have the chance to get contributions matched by your company  
  • Flexibility - personal retirement savings accounts (PRSA) are flexible, you can contribute more when you have it or decrease contributions any time, and you can take it with you when you move jobs 

Helpful Tips

What are my options for pensions and retirement?

There are different pension options available depending on your finances, your job and your circumstances. Learn more below or try our free financial planning tool to simplify your options.

I’m just starting out

The sooner you start a pension, the longer it has to potentially grow. You could have the option of a company pension. Your employer will make payments into the pension on behalf your behalf and you can also make payments. 

Or you could consider a personal retirement savings account (PRSA) to start saving for your future. If you’re an employee, your employer can make contributions too. If you’re self-employed, it can be a tax-efficient way to reward your hard work. 

I want to help make the most of my pension  

If you have a company pension at work and want to invest more money into your retirement planning, you can pay an additional voluntary contribution (AVC).

I’m nearing retirement

When you retire, you have a few options for what to do with your pension fund – and you can choose more than one option. For example, you have the option to take a tax-free lump sum and use the balance to buy a pension for life (annuity), re-invest in an approved retirement fund (ARF), or take a taxable lump sum. 

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What is a pension plan?

A pension is the money that you'll live on once you stop working. It replaces the salary or wages that you earned before you retired. Money saved in to your pension plan is invested with the aim of growing over time. 

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Pension calculator

The amount you should be saving towards retirement depends on the lifestyle you’d like to have. Calculate what your monthly pension contributions should be to help you secure the future you want. 

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Financial advice

Try our financial planning tool for a free review of your finances and a personalised plan. Your plan takes your financial situation into account to give you a recommendation for the best pension option for you. It also gives you recommendations on how to help make the most out of your money now and in the future. 

Warning: The value of your investment may go up as well as down.
Warning: If you invest in these products you may lose some or all of the money you invested.
Warning: If you invest in these products you will not have access to your money until age 60 and/or you choose to retire.
Warning: These products may be affected by changes in currency exchange rates.