Pensions and Retirement Planning
Starting a Pension:
The state pension will only provide you with a basic level of support in retirement so it is essential that you have sufficient private pension provision in place for retirement. The state pension is approximately 64% less than the average industrial wage. Accordingly, effective retirement planning is necessary to bridge the gap between what we are earning at retirement age and what we will be receiving from the state pension.
Benefits of pensions:
The most efficient retirement planning solution is through a pension and there are a number of reasons why one should maximise your privately funded pension entitlements:
- There is tax relief available on all contributions paid into pension arrangements.
- Funds invested in pension arrangements can earn a tax free investment return.
- Part of the pension benefits provided can be taken by the individuals involved as a tax free lump sum.
The range of retirement planning solutions we give advice on is as follows:
- PRSA’s
- Personal Pensions
- AVC’s
- Executive Pension Plans
- AVC’s for Public Service
- Approved Retirement Fund (ARF’s)
- Employer Sponsored Pension Schemes
- Annuities
- Self-Directed Pensions
Transfer rules between the various types of pensions vary and overall the situation requires expert independent financial advice. We can help you tidy up your existing pensions, to ensure that you are maximising value for your pension contributions.
Approaching Retirement
When we set up pensions arrangements for our clients, we ensure the appropriate structures are in place so our client will be able to maximise retirement benefits in a tax efficient manner. For individuals who have accumulated a pension pot with another pension provider, we can still offer advice on the best options available to you.
You can choose from a wide range of options to ensure you continue to enjoy life in comfort. This is an ever more complicated area where we will offer clear concise impartial advice.
Information packs
We have created a range of information packs which outlines an individual’s options depending which category the individual falls into. These information packs outline concise product details which will act as a useful guide when making decisions about your pension arrangements. To order one of these information packs, please request via our Contact Us section:
- Pension arrangements for Self-employed/professionals.
- Pension options for Company owner/Director.
- Individuals’ starting a pension.
- Additional Voluntary Contributions (AVC’s) to an employee’s pension.
- Transferring pension benefits accrued under a previous occupation via a buy out bond/personal retirement bond.
- Options when approaching retirement.
Stopped Contributing to Your Pension Fund:
If you currently have a retirement fund to which you no longer contribute, then now is the time to speak to us. We have the authority to transfer such pension arrangements to a structure that will give you a wider range of options at retirement.
If you require more information about how HLP can help you with your Retirement & Pension Planning, please Contact Us
